Chrysalis, GMG and Macquarie have all said they would look at the acquisition of the station's four licences if they are auctioned off.
But a spokesman for Saga, which sells holidays and insurance, said that the branch of the organisation was simply under review, not up for sale.
They said the process, led by KPMG Corporate Finance, was normal practice and said that those claiming it was to be auctioned off had "taken the sexiest option".
Saga Radio owns four licences: two in the Midlands, one in Glasgow and one in the North-East, which is not due to air until the new year.
Meanwhile radio bosses remained open-minded about taking buying the licences, which are reported to be worth as much as £100million.
_1.jpg)
.jpg)
