Aspects of a method and system for on-demand signal notching in a receiver. In this regard, power consumption in a wireless device may be managed by configuring one or more transmitters and/or receivers in the wireless device based on a directivity of a received signal and/or signal strength of a received signal. At least a portion of the transmitters and/or receivers may be disabled and/or enabled based on strength of undesired in-band components of the received signal, undesired out-of-band components of the received signal, signal to noise ratio of a desired component of the received signal, a user selected power mode, and/or a direction from said wireless device to a communication partner. A splitter and/or combiner of the wireless device may be configured based on which portion of the transmitters and/or receivers are enabled. A scaling factor and/or a phase shift of the splitter and/or combiner may be configured.