The Scottish Premier League’s new television deal with Sky is dependent on both Celtic and Rangers participating in the competition.
STV understands the broadcaster has negotiated a termination clause in its contract with the league, should either side no longer be in the division.
The most recent deal agreed for TV rights, which will see the SPL receive £80m over five years starting next season, is yet to be signed and is currently going through the required legal process before it is ratified.
The existing Sky deal, which expires at the end of the 2011/12 campaign, stipulates there must be four Glasgow derbies per season.
The last Glasgow derby, played in December, attracted an audience of more than one million viewers.