Kelvin MacKenzie is involved in the potential management buyout

Independent directors at the group, which owns Talksport and 16 local radio stations across the UK, did not mention a potential price tag for the offer.

But industry sources say the value of any bid could be about �100m.

Wireless shares ended up 2.78% to 92.5p on Monday, despite the firm saying a formal bid was not yet a certainty.

"We will consider any offer on its merits if and when any such offer is made," said Wireless' independent directors.

Industry shake-up

Wireless investors reported to have agreed to the MBO are News Corporation, which owns 30% of the company, and US conglomerate Liberty Media, which has 28% of shares.

It will be interesting to see what any future cash offer for Wireless will be Analyst Mark Sevier Check the Wireless share price

Mr MacKenzie, a former editor of The Sun newspaper, currently owns 7% of Wireless.

In December, Wireless won a licence to run a talk-based station for Edinburgh and is also understood to be bidding for licences in Manchester and Belfast.

Stations it currently owns include Signal One in Stoke-on-Trent, Swansea Sound and Valleys Radio in South Wales, and Wave 102 in Dundee.

'Radio consolidation'

Mark Sevier, media analyst at stockbrokers Rowan Dartington, said the situation at Wireless remains uncertain at this stage, as no definite bid has yet been made.

"It will be interesting to see what any future cash offer for Wireless will be," he said.

News that Wireless is considering an MBO comes just months after Capital Radio and Classic FM owner GWR agreed to merge in a �711m deal.

Speculation is also mounting that media group Emap is poised to launch a takeover bid for Scottish Radio Holdings, in which it already owns nearly 30% of shares.