UTV boss John McCann is pondering a bid for some of Emap's UK radio businesses, although the company has made no formal approach.
Mr McCann said he believes that Emap's Big City Network - a group of local radio stations in the north of England and Scotland's central belt - would be a good fit for the Belfast-based operation.
But the business has a price tag in the region of €600 million, so it is thought that UTV would probably have to join forces with another bidder in order to have a realistic chance of buying the operation.
Mr McCann is also known to be interested in Virgin Radio, owned by the Virgin Group, but sources say he is only willing to pay around half the €150 million value that its parent has placed on it.
UTV already owns Talksport radio in Britain, which it bought two years ago for €150 million.
Mr McCann is keen to grow UTV's radio arm, which accounts for more than half the broadcaster's turnover.
"We are an acquisitive company and there is a desperate need for consolidation in the UK radio industry," he was reported as saying yesterday.
UTV itself said yesterday that the company has not put together a formal bid for either of these businesses.
Emap, a media group with online, magazine and broadcasting interests, announced earlier this year that it wanted to sell some of its radio businesses, as advertising revenue in this sector in the UK has been comparatively weak.
It is also in the process of selling its Irish interests, national broadcaster Today FM and Donegal-based Highland Radio, both of which outperformed its UK radio stations.
Denis O'Brien's Communicorp successfully bid €200 million for the two broadcasters in July.
The parties notified the deal to the Competition Authority, which is obliged to review any media merger or takeover in the Republic, in August.
The monopolies watchdog sought further information from the parties, and gave them until the end of this month to provide the details for which it is looking.
Communicorp already controls Dublin-based stations Newstalk, 98FM, and Spin FM and has a large shareholding in East Coast Radio in Wicklow. Spin also recently won a licence to operate a youth regional station for the southwest.
Industry sources have suggested Mr O'Brien might have to agree to sell certain radio assets, possibly in Dublin, if the authority approves the deal.
