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Although the review is primarily focused on the magazines group, insiders say it could embrace all activities, including radio.
The review comes amid pressure on chief executive Tom Moloney to improve shareholder value, with some calling for a break-up of the company.
Emap's first-half financial results are due on 14 November. In a trading update in September, the company said it expected first-half revenues to be down 2% on last year.
Emap also recently appointed Simon Walker, formerly senior vice-president of consumer strategy for EMI Group, and previously controller of corporate strategy at the BBC, as a consultant to work with Moloney on a strategic review.
Analysts believe that Emap would not sell off any whole divisions, but would be looking within the portfolio at selling individual media brands, or international editions.
Paul Gooden, media analyst at ABN AMRO, said: "If you look at Lagardère in France, it merged its magazines division with its radio division. Emap has vaguely done that at a management level with Paul Keenan overseeing both, but operationally it hasn't done that. So perhaps an operational merger might be an option."
Emap issued the following statement: "Emap Consumer Media is currently undertaking an initiative across its UK magazine businesses called Magazines 2010. The objective is to ensure that we improve operational efficiencies across our UK businesses."
A spokesman added: "The board continually reviews its strategy, as you would expect. This review will focus on migrating resources into faster growth platforms."