The table-dancing club at the Windmill Theatre in London's Soho is to be put up for sale at between £5m and £10m.
Corporate finance boutique Cavendish has been appointed to find a buyer for the famous venue which has been associated with adult entertainment since the last war.
Peter Stringfellow and Spearmint Rhino could both be invited to bid.
The freehold is owned by Paul Raymond, and the current club took out a 25-year lease when it opened in 1994.
The Windmill got around strict obscenity laws in the 1930s by making sure its naked women stood still like statues.
The Sunday Times 12/02/06 (Business) page 3.3