It has been reported Absolute Radio has been accepted as the preferred bidder to acquire Virgin Radio from television company SMG.
According to a story in today's Telegraph, Absolute have offered £60 million for the national AM station, and has been chosen over UTV.
The paper suggests that while the name is only licensed from the Virgin Group, Absolute must have approval from the company to go ahead with the deal.
UTV, owner of the Ulster ITV franchise and radio station TalkSport was initially tipped as the front-runner.
Absolute Radio were unable to comment on the situation this afternoon.