The move was reported in trade paper Broadcast this morning. It says the cuts could see staff numbers at the ITV franchise, formerly part of Carlton, reduced from 650 to around 250 with most job losses coming from its Nottingham site.
Earlier this week ITV appointed former Bank of Scotland chief executive Sir Peter Burt as chairman to work alongside chief executive Charles Allen.
Last year City fund managers accused Allen of failing to rein in costs sufficiently. At the end of 2003, just prior to the ITV merger being finalised, it was promised that the merged ITV would cut costs by £100m.
The huge cost-cutting target has raised fears that quality programming and regional news output could suffer.
It was revealed earlier this month that Central's massive studio site in Nottingham is to be sold off with staff moved to Central TV's headquarters in Birmingham, with just a small regional news operation left in Nottingham.
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