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A decision is imminent on the future of the title, the UK's biggest magazine by circulation with an ABC of 6,798,495, which John Brown has published continuously for four years since winning the contract from Redwood.
Publishers pitching for the contract were asked to come up with a magazine that would predominantly target women and take more of a lifestyle approach.
Since stablemate News International set up a magazine publishing division last year, there has been speculation that News Magazines would be handed contracts for Sky's magazine or The Sunday Times Travel, a news-stand title currently produced by River Publishing.
Sky is planning a further magazine targeting what it calls ABC1 "cultural connoisseurs", but is not expected to put this out to pitch until next year. It is likely that Sky: The Magazine's current circulation will subsequently be split with this title.
The move was prompted by the broadcaster's decision to launch two magazines dedicated to sport and film, which will be published by Haymarket and Future respectively.
On granting the licences, Sky said it would make its main title more entertainment-focused to ensure it complements the new magazines, but said at the time that the contract remained with John Brown.
Sources close to the contract said the magazine could change name.
Sky declined to comment directly on the review, stating: "We routinely ev