The decision not to renew the radio personalities' contracts comes after negotiations between Cumulus and Premiere Networks, the division of Clear Channel that distributes Limbaugh and Hannity's shows, stalled.
At the heart of the dispute is the cost of the distribution rights for the two high-rated programs, Politico said.
"Cumulus is not in a position to comment about negotiations with talent under contract, no matter what the rumor of the day might be," a representative told the Washington newspaper.
Limbaugh's representative was not immediately available for comment while Hannity did not immediately respond to a request for comment, Politico said.
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