Staff at Queen's University Belfast have been warned it may have to make compulsory redundancies in a bid to save money, according to reports.
The university announced in April it was slashing 1,000 student places and was set to lose 236 jobs.
The student place cuts will be phased over the next three years, with a reduction of 290 this September.
It said at the time it was forced to act due to Stormont cuts.
However QUB have said the required pay savings have "not been fully achieved".
The BBC reported this was stated on an email to staff.
It is understood staff who have not applied for voluntary redundancy have now been invited to apply.
The email goes on: "In the event that the required savings have not been made within schools/directorates, formal processes will regretfully require to be implemented."
In a statement Queen's acknowledged that the required savings have not been fully achieved.
A spokeswoman said: "In April this year the University approved the implementation of a Voluntary Severance and Voluntary Early Retirement Scheme to address the budget cuts imposed by the Department for Employment and Learning (DEL).
“The required pay savings, to be delivered through the Scheme, have not been fully achieved. In the light of this outcome, the University Executive Board has agreed to extend the terms of the Scheme until Friday, 9 October 2015.
“The University has also established a Strategic Planning Group, to determine the future size and shape of the institution in the context of Vision 2020.
"This work is ongoing and it is expected that recommendations will be presented to Senate, the Governing Body, during the course of this academic year.”