David Goode, who recently succeeded Richard Findlay as chief executive of the Glasgow-based SRH, admitted Greenhill had been hired, but played down reports that it was specifically to meet a bid from Emap.
"This is part of the normal course of events and part of our ongoing review of all our advisers," Goode said.
Emap, which already owns a 28% share in the Glasgow-based company, is believed to be preparing to take the remaining stake after reshuffling senior radio executives, a move seen as a precursor to a deal.
Emap recently promoted Shaun Gregory to the role of managing director of national brands, a move that sees current managing director of radio programming Mark Story hand over responsibility of Kiss FM and Magic. Many see this as an indicator that Story will be involved in sealing the deal and looking after the new stations should a bid prove successful.
There is speculation that November 16, the day Emap announces its interim results, could be when a deal is announced.
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 takeover is seen as a good move for Emap because there is no geographical overlap between SRH's radio stations, including Radio Clyde and Radio Forth, and Emap's London, Manchester, Birmingham and Newcastle interests.
An Emap spokeswoman could not comment on the proposed deal but said: "Emap has always positioned itself as a buyer rather than a seller but we will only do the right deal at the right time and price."
Emap's current radio interests include Kiss FM and a number of stations based on magazines such as Smash Hits, Mojo and Kerrang!.
Analysts believe that if the deal goes ahead Emap will want to sell SRH's newspapers business believed to be worth around £150m. Greenhill is a corporate finance company known for advising takeover bids.
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