If the agency is closed, it will come as no surprise, following redundancies last year, the shifting of the GE account and the proposed integration of the Sainsbury's local marketing business into AMV.
The changes have not been finalised yet, according to the group, but a proposed transfer date of June has been put forward.
It is unclear what will happen to Minerva chief executive Steve Carrigan, or how many redundancies may occur if the proposal goes ahead, but discussions are still taking place.
Michael Baulk, chairman of the AMV Group, said: "This proposal reflects both the increasing demand from our clients for high quality work and, on some accounts, the genuine integration of our service to them."
As well as GE and Sainsbury's, other accounts likely to be affected are DaimlerChrysler, Douwe Egberts Coffee and Polaris World Resort.
Minerva recently lost below-the-line work for Pizza Hut to Elvis and it was forced to resign from the Skittles account in January following conflict with its Wrigley business.
The account, along with Masterfoods' Tunes and Lockets business, was awarded to TBWA\London without a pitch.
Last year, Minerva made a number of redundancies, partly as a result of some of its Ernest & Julio Gallo wines business being switched to BBDO in San Francisco.
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