Earlier this week SMG said it had received renewed interest from bidders, understood to include GMG Radio and Global Radio.
Reports have also linked private equity firm Vitruvian, which last year teamed up with former Chrysalis Radio boss Phil Riley to bid for Emap's radio division, to potential bids for the station.
Investment bank Jeffries International, which is advising SMG on the sale, is understood to have sent information on Virgin Radio to prospective buyers last week.
SMG attempted to divest Virgin Radio last year after a strategic rethink, which pledged to focus purely on its television business.
It explored two avenues for getting the radio business off its hands, which it acquired in 2000 as part of a £225m deal.
Plans to float Virgin Radio on the stock market in the autumn were disrupted by the departure of its chief executive Paul Jackson to GCap Media and perhaps the City's growing pessimism on the prospects for media stocks.
SMG also attempted a direct sale to a trade or private equity buyer, but pulled out when bids reportedly came in far below the £80m it had hoped for.
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