In an interview with the Daily Telegraph, the firm’s chief executive Gavin Darby admitted it is "possible" that the strapline – devised in 1967 – may be absent from a forthcoming marketing push for Mr Kipling.
Darby told the newspaper: "The cake category is our focus for 2014. This has been the brand that’s been the casualty of Premier having no money. It’s a £1bn category and we’ve invested almost nothing in advertising and very little in new product development.
"We’re going to have new packaging, new advertising and we’ve also announced a £20m doubling of our capacity to produce Mr Kipling snack packs, which is where we’re getting a lot of our growth."
Speaking on the subject of the "exceedingly good" strapline, Darby said: "We haven’t used it because we haven’t done any advertising in the last period. We’re on the verge of agreeing the TV commercial. That’s under wraps at this point, but this is the year of Mr Kipling."
Earlier this month, Premier Foods, which also owns the Ambrosia, Loyd Grossman and Oxo brands, revealed plans to increase its annual marketing spend by a "double-digit percentage", after posting a marginal 2% increase in annual sales of its core brands.
As part of its turnaround plan, Premier sold a 51% stake in its Hovis brand to private equity firm The Gores Group in January.
Simon Ward, chief executive at branding consultancy Holmes & Marchant, said Premier Foods must be careful when dropping the slogan, or risk upsetting customers.
"Any fundamental change to a brand must be made cautiously, and involve close consultation with customers, retailers and the wider marketplace," said Ward.
"Successful brands evolve by making subtle changes without losing the essence of their identity. For Mr Kipling, it would therefore be foolish to turn their backs on the word ‘exceedingly’ which has long standing, hard won and powerful equity.
"Maintaining and building on the following this brand has means making changes that don’t alienate customers, but instead start the next chapter of a brand relationship."