With just weeks to go until Lord Carter's final Digital Britain report is published in June, Channel 4 is said to be exploring a so-called "self-help" option of making further cuts to secure its future.
Last autumn, Channel 4 made 150 staff redundant and shut various operations, pulling out of its planned 4Digital radio venture to save £100m.
A merger between parts of Channel 4 and BBC Worldwide has been held up as a possible means of securing C4's future and the provision of commercial public service broadcasting beyond the BBC.
However, such a deal is not guaranteed, with the BBC insisting it "cannot provide a complete solution", while Five is pressing the Government to be allowed to merge with Channel 4 or, potentially, the as-yet-unformed new entity.
It is understood Channel 4 management is focused on a BBC Worldwide deal and would be resistant to combining with Five.
A senior TV executive said Channel 4 chief executive Andy Duncan "is backtracking now".
The executive added: "Now Duncan doesn't like the alternative option [a merger with Five], should talks with the BBC not go Channel 4's way, he is looking more and more at how the broadcaster could cope with its current model - which would involve more cuts."
Duncan told Media Week: "In any scenario I believe Channel 4 is financially viable. But we have to ensure that whoever we form partnerships with strengthens that position, not weakens us."
Luke Johnson, chairman of Channel 4, said: "There are still encouraging conversations going on with the BBC."
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