There has long been talk that the two companies could merge, fuelled by the acquisition of 27.8% of SRH's stock by Emap in January this year.
The Scotsman reports that rumours of SRH appointing advisers have been quashed by new chief executive David Goode, but analysts have said that Emap could make a long-expected bid in January.
Last month saw Capital Radio and GWR Group agree to a £711m merger and it has long been anticipated that deregulation of the radio market would lead to mergers in the industry, with Emap and the smaller SRH being the next to combine.
The news comes as SRH's Radio Clyde and Radio Forth saw audiences shrink, according to the latest Rajar figures. Emap's radio interests include Kiss FM and a number of stations based on magazines such as Smash Hits and Kerrang!.
In early trading this morning, shares in Emap were down slightly by 0.5% to 780.5p and SRH was up 0.1% to 922.5p
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