Cumulus has reportedly begun searching for replacements to the two high-profile hosts, after negotiations with Clear Channel, which distributes both of their programs, went south.
Limbaugh and Hannity have "48 hours to stop Cumulus from dropping them," sources within the radio business said.
Should Cumulus and Clear Channel fail to come to a deal, Limbaugh and Hannity's shows would go off Cumulus air by the end of the year.
The source of the disagreement, however, does not stem from Limbaugh or Hannity's politics, but rather distribution costs.
Another industry insider said that, while Cumulus and Clear Channel have gone toe-to-toe in last-minute negotiations before, Clear Channel is unlikely to reduce costs enough to satisfy Cumulus.
Limbaugh denied the rumors that his show was in trouble, addressing the issue at the top of his program Monday.
“Someday, I am looking forward to detailing all of this for you,” Limbaugh said. “Suffice it to say, nothing is going to happen that you will notice. Nothing is going to change. You will be able to get this radio program on as many, if not more radio stations down the road than it is on now.”