Look at page 4 of the SRC4392 datasheet. It explicitly lists a dynamic range specification for the sample rate converter at "f(in) : f(out) = 48kHz : 44.1kHz". So it definitely supports this particular conversion.
The sample rate converter in the SRC4392 can operate with asynchronous input and output clocks. This means that the receiver circuitry ("DIR" or Port A/B) can operate with a different sampling clock frequency than the transmitter ("DIT").
Additionally, the receiver circuitry can do clock recovery from the received audio stream. This means that its reference clock does not have to be a multiple of the received data rate.
So, to configure the SRC4392 properly for 48kHz to 44.1kHz conversion, you have to do the following:
- Apply a suitable multiple of 44.1kHz to the MCLK input (master clock, likely 22.5792MHz, which is 512*44.1kHz)
- Configure the DIT (transmitter) to operate from MCLK and accept data from the SRC (sample rate converter)
- Configure the SRC to operate from MCLK as well
- Configure the SRC to accept input data from one of the audio input ports (Port A or Port B)
The chip will then feed two different sampling frequencies (the 48kHz input reference clock from port A/B, and the MCLK-derived 44.1kHz output reference clock) into the sample rate converter. The converter's rate estimator will automatically select the proper resampling parameters for 48kHz to 44.1kHz sample rate conversion.
Note that the chip's operation is completely independent of the input sampling rate when configured like this, so it'll still work even if the input sampling rate changes. It'll just convert any sampling rate you throw at it to 44.1kHz.
Also, the receiver's PLL is only needed to generate a clock frequency that's much higher than the input data rate so that it can oversample the input signal and do clock recovery. This is what allows it to operate with a clock that's asynchronous to the input data stream. The PLL output clock doesn't have to be an integer multiple of the input data rate, it just has to be high enough for the oversampling scheme to work. An integer multiple clock frequency (i.e. 512x) is only needed for the transmitter.