Playboy is looking for a buyer for its magazine, licensing business and the Playboy mansion.
It's thought the company could be valued at more than $500m.
Hugh Hefner started the magazine in 1953, but in February 2016 it stopped publishing nude photos of women, saying they had become outdated due to the plethora of free pornography on the Internet.
Circulation has dropped from 5.6m in 1975 to under a million in recent years.
It is believed Investment bank Moelis & Co is advising Playboy on the sale.