According to a report in The Observer newspaper, Emap is interested in buying the station, which broadcasts on FM in London and nationally on the AM frequency.
Emap is looking to grow its burgeoning radio business, which comprises Kiss FM, Magic FM and a network of digital stations based on magazine titles such as Kerrang! and Smash Hits.
If Emap does buy Virgin Radio, it will be the second deal the media group has struck with SMG this year. In January, Emap negotiated to buy SMG's 27% interest in Scottish Radio for £90.5m.
SMG, which in March reported a 25% fall in its full-year pre-tax profit to £17.5m, has been seen as a takeover target ever since it was forced to sell its Herald newspaper business to reduce its debts last year.
As well as talk of the Virgin Radio sell-off, last month SMG sold its stake in GMTV to ITV plc for £31m and there is persistent talk that it will also sell its two ITVs franchise to ITV as well.
In April, management at the newly merged ITV were strongly rumoured to be in break-up bid talks with Scottish Media Group, which owns the Scottish and Grampian ITV licences valued at around £400m.
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