Karren Brady will tonight have crisis talks with Birmingham City's owners over her future at the club after being offered the top job at Capital Radio.
Sources claim Ms Brady has been offered the job and is keen to accept but a 12-month notice period at the Blues may scupper her plans.
She is set to meet the club's co-owner David Sullivan at tonight's St Andrew's match against Norwich to discuss her future although fellow owner David Gold has already stated that he wants her to stay.
Although Ms Brady would not speak to confirm or deny the move to Capital, sources close to both parties confirmed they were in talks.
A statement released this morning by Birmingham City FC said: "The board notes the weekend's speculation in the press. Karren Brady is managing director of Birmingham City Football Club on a 12-month contract."
A source close to Brady said: "As it stands, Karren would have to serve her year's notice. It's now up to Capital bosses to thrash this out with Blues. But the talks have been going on for some time."
Ms Brady is also thought to be concerned that talks about her departure have come at the same time as poor performances at Blues.
The source close to Ms Brady added: "Things are not going well on the pitch at St Andrew's and so Karren is torn about going at this stage."
Capital Radio spokesman Rupert Younger refused to squash speculation and would only say: "There is no official comment at this stage."
Blues chairman David Gold was reportedly trying to contact Ms Brady to find out if the reports linking her with Capital Radio were true.
Ms Brady is thought to have impressed bosses at Capital Radio with her work on helping clinch the licence for Kerrang Radio in Birmingham.
Gold said: "I do not know if it is true. I have placed a call with Karren to see if it is true or not. I have no idea whether it is valid or not. But asking whether I want her to leave is like asking if I want the stadium to be pulled down - of course not.
"She has been part and parcel of Birmingham City for the last 14 years. Karren is part of the fabric of the club, Birmingham City through and through.
"She has been instrumental in the resurgence of the club and a power in the game as a whole. She has been a major contributor to the success of Birmingham City FC."
The Blues chairman pledged to do all in his power to persuade Ms Brady to stay on at St Andrew's.
"It is a bit different from footballers wanting to move. I am sure I am speaking for the entire board when I say we want her to remain.
"We would do everything we could to get her to stay. I just hope that this is an error of misinformation. Until I speak to her there is little I can do."
Ms Brady is the vital link between manager and board at Blues. Based at St Andrew's, whereas the Gold brothers and David Sullivan are primarily southern-based, she runs the day-to-day affairs of the club. She deals with buying or selling player transactions, agents and negotiating player salaries.
Over the years she has become an influential - and combative - figure in the world of football politics.
She has earned the respect of other club supremos and her friendships with the likes of Peter Kenyon of Chelsea, David Dein of Arsenal and Newcastle United's Freddy Shepherd have benefited Blues both directly and indirectly.