Speaking at the weekend Virgin's new chairman, Richard Huntingford said that an initial public offer could not go forward without a chief executive in place.
A Virgin spokeswoman declined to comment on UTV's reported interest.
The initial public offering is intended to raise around £85m for SMG, which wants to use the money to reduce its £170m debt.
Weekend reports claim the delay will increase the chances of a trade buyer bidding for Virgin, with Scotland on Sunday quoting one analyst as saying he expected UTV, the owner of TalkSport, to make a move. Most analysts believe the IPO will now not take place until spring.
UTV was last year involved in protracted merger discussions with SMG, but the two sides failed to come to agreement over the share split and talks were abandoned.
However, if Virgin Radio is sold to trade buyer rather than floated, Richard Branson's Virgin Group has the option to revoke the company's licence to use the brand.
SMG agreed on Friday to sell its outdoor media division Primesight for up to £62m.
The news of the deal was followed by reports of Jackson's departure to become managing director of London's Capital Radio.
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