Hollywood Reporter is reporting that money problems are jeopardizing “The Sarah Silverman Program,” one of Comedy Central’s signature series.

The show’s executive producers — Silverman, Dan Sterling and Rob Schrab — have threatened to quit after the cable network told them the budget for their series would be slashed by more than 20%.

More than two months after “Sarah Silverman” ended its second season, the show has yet to be renewed for Season 3. (In 2007, the second-season pickup came 11 days after the series’ premiere.)

At the center of the holdup is the proposed budget for Season 3. Citing cuts imposed on the network by parent company MTV Networks, Comedy Central had proposed that the trio bring back the WGA Award-nominated show at about $850,000 an episode, sources said, down from the $1.1 million an episode for the show’s second season.

Word is that negotiations are at a standstill, but things could get resolved as early as today.