It’s the consulting firm whose name must not be spoken.

Time Inc. has hired dreaded McKinsey & Co. to suggest ways to “reengineer” itself, several sources tell Media Ink.

CEO Rich Battista, in announcing no-sale news in late April, said the company would be aggressive in cost controls.

Translation: Layoffs loom and properties likely will be sold.

One source said that executives overseeing Time, People, Sports Illustrated and InStyle are being told to not mention McKinsey directly in talks — but are referring to it internally as “K2.”

One source said that as part of the reengineering, the company plans to offer a voluntary round of buyouts to employees with 10 or more years’ experience. Depending on how many step forward, it would then go to non-voluntary layoffs, the source said.

Time Inc. is said to be looking for $100 million in cost cuts over the next year.

Time Inc. declined to comment on the speculation or confirm the presence of McKinsey in the building.