Yes, business magazines are in trouble. This week there’s been news of BusinessWeek going up for sale and Forbes.com‘s CEO stepping down.

Now, The New York Post‘s Keith Kelly says Time Inc. editor-in-chief John Huey has turned his attention towards Fortune. Kelly reports that Huey has put together “a high-level SWAT team of in-house and external experts,” to revamp the magazine, although it’s been a balancing act trying not to alienate managing editor Andy Serwer.

“I’m intimately involved in the process,” Serwer told Kelly. “Times are tough in the category, but this is a commitment to moving ahead into 2010.”

Update: A source with knowledge of the situation told FishbowlNY that Fortune is going through a refresh, but it’s something that every Time Inc. title goes through every now and then. In addition, Serwer has been in charge of the update since the beginning and his relationship with Huey remains strong, our source said.

And speaking of ways to save a business magazine, BusinessWeek‘s own Stephen Baker has some thoughts about the challenges that the new owners might face, and how they can start to make the finished product more attractive to readers.