(Pocket-lint) - UPDATE: The BBC has been in contact to clarify saying it is "exploring a phased exit from the broadcast Red Button service and focusing our interactive TV offer on connected televisions and iPlayer".

The BBC may be about to announce the imminent end to its red button service as part of £150 million cuts.

The suggestion that the red button could be axed comes from a story on the BBC news website.

The BBC red button was introduced when Ceefax was taken offline. It allows viewers to jump between multiple shows via the same channel. This is often used in sports and music like at Wimbledon, to jump between courts, or Glastonbury to swap stages.

With a further £550 million of savings to be announced in the spring of 2016 it doesn't look good for the red button service.

The reason for these cuts is the BBC iPlayer. Not just because it's technologically advanced enough to kill off the red button though. The BBC "iPlayer loophole", as its called, is to blame. This is the money lost to those watching TV via catch up rather than live which does not require a payment of the licence fee to do so.

The BBC said it has been assured by the government that the loophole would be closed.

Sports cuts of £35 million mean the service has already lost rights to the Open Golf Tournament. There is also doubt on it getting coverage of the Formula 1 next season. Another £12 million will be cut from TV but dramas and shows like Strictly Come Dancing will remain protected.

READ: BBC connected red button finally available on BBC co-funded YouView... but not TalkTalk yet

Writing by Luke Edwards.