Channel 4 could be forced to move to Birmingham under proposals being discussed by the Government.
Reports claim the state-owned broadcaster's central London headquarters could be sold off prompting the relocation.
Channel 4's future is being debated by ministers in parallel to preparations for the renegotiation of the BBC Charter.
It has been suggested the Channel 4 building, in Horseferry Road in the heart of Westminster, should be sold and the proceeds returned to the exchequer, government sources told the Sunday Telegraph.
The non-profit organisation would then move, potentially to Birmingham, to help boost the media industry outside the capital which is a key element of Channel 4's public service remit.
According to a valuation exercise carried out at the end of last year and disclosed in the recent Channel 4 annual report, the freehold for its building would fetch £85 million on the open market.
It is understood no decisions have been made and the proposals are one of several options under discussion as the Government gears up for a major overhaul of public service broadcasters.
Channel 4 could also move to outer London or to another major conurbation such as Greater Manchester, the hub of George Osborne's "Northern Powerhouse", where large parts of the BBC and ITV are now based in Salford Quays.
The Birmingham Post has been campaigning over recent months for a fairer deal from the BBC and to see more money invested in the region.
John Whittingdale, the Culture Secretary, is also considering whether to privatise Channel 4, Westminster sources said.
The idea of an initial public offering or trade sale was last put forward by Conservative ministers under the coalition last year but it was blocked by Vince Cable, the then-business secretary.
Privatisation is being resisted by Channel 4 which argues its non-profit status allows it to take more creative risks that drive growth in the UK production industry.
A Channel 4 spokesman told the Telegraph it played "a significant role in supporting the creative economy in the UK nations and regions" and it was expanding its creative and commercial operations in Manchester and Glasgow.
A spokesman for the Department for Culture, Media and Sport told the paper there were no plans to privatise Channel 4 or relocate it outside London.