Earlier this week, Hazlitt resigned from Virgin Radio and was replaced by Paul Jackson, programme director.
Hazlitt had been tipped for a promotion to chief executive of Virgin Radio's parent company Scottish Media Group.
However, SMG suspended the recruitment process in December after deciding to commence discussions with Ulster Television about a merger of the two companies.
Hazlitt joined Virgin Radio in August 2005 from Yahoo! UK and Ireland, where she was managing director.
The potential move would mean that Hazlitt returns to Capital Radio, where she was group sales director up until 2000.
A spokeswoman for GCap Media said that the radio network was no commenting on what she described as "market speculation".
In the latest Rajar figures, Virgin's reach increased by 3.1% to 1.11m but its share dropped from 3.6% to 3.4%. It outperformed Capital's Xfm. The indie music station saw its share fall from 2.3% to 1.6% although its reach remained steady at 551,000.
GCap flagship station Capital Radio has continued to lose listeners. Its reach this quarter was 1.46m, down 11% on last quarter and 19% on a year ago.
Choice FM recorded a weekly reach of 474,000 and a 2.1% share of its potential audience.
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