It is understood that the asking price of 190m for the three stations floated around in Irish radio circles last week is seen as too high by several potential purchasers.

Others such as Denis O'Brien's Communicorp, which owns Newstalk as well as 98FM and Spin 103.8 in Dublin, are understood to be focusing their attention on other markets. The company may also be deterred by the potential competition difficulties that a purchase may incur.

Emap is already preparing to court non-radio players as potential buyers. The Irish Times and IN&M said that they would not comment on speculation, although Maeve Donovan, managing director of the Irish Times, said that it would "look at everything that comes along" as a matter of course.

However, sources have said that neither company has a strong interest in acquiring the stations. Although the Irish Times is expanding its media portfolio, it regards the stations as overpriced.

IN&M, which owns 29.9% of this newspaper, is understood to be more interested in the Indian market.

The company has appointed Today FM managing director Willie O'Reilly to run the sale process and will stress to both groups that purchasing the stations would transform one of them into the state's largest independent radio operator.

Industry sources said that O'Reilly's appointment reduced the likelihood of him launching a management buyout bid for Today FM.

Meanwhile, British-based radio sources have said that Emap's decision to sell may be an attempt to raise funds for the purchase of that country's Galaxy dance stations.

The stations are currently part of the Chrysalis radio group, which may soon be put up for sale.

One British source said that the valuation of Emap's Irish radio assets contained in media reports seemed sound and that potential Irish buyers may be acting coy about their true intentions.