Whittingham is going into his final year with the Bluebirds and is able to talk to new clubs in January if he does not sign a new deal.
This week Cardiff have seen Joe Ledley walk away for nothing because no new contract was signed and there are fears that Whittingham and Jay Bothroyd could go the same way.
Cardiff have made an offer but with good players holding all the aces these days the agents are in a strong position.
"There is an offer on the table from Cardiff City and it is being looked at," said the spokesman.
"The financial situation Cardiff find themselves in is a concern, naturally.
"Like any player, Peter is very ambitious. With Cardiff unable to bring any new players in because of the embargo, you do start to question things.
"We also know that being unable to bring in new players, Cardiff are not keen on selling any of the players they currently have.
"Peter enjoyed his best season last year with Cardiff and he has options. We do not feel there is any need to rush things.
"Of course, in January he would be free to talk to other clubs, but that is not to say he won't be committing himself to Cardiff. Peter is happy at Cardiff. He is focused on the start of the new season."