The site's owner, the Northwest Regional Development Agency (NWDA), is inviting expressions of interest from developers, but only from those that will retain the building and find a new use for it.
The agency is stressing that it will only sell the 1938 building - situated on the Edge Lane eastern route into the city centre - to developers willing to keep it.
Campaigners believe the complex could be suitable for a wide range of possible business, leisure or residential schemes.
The Littlewoods building, which sits on a plateau on one of the highest points in the city, was built in 1938 and is well known for its distinctive clock tower. Some 19,781m 2of accommodation is available at the 2.3ha site.
David Waugh, chief executive of the Liverpool Land Development Company, an NWDA offshoot, said he was pleased the landmark structure would be retained 'This building, with its prominent position on Edge Lane, overlooking the Botanic Gardens, has outstanding potential.
'We believe that a developer with flair and an appetite for working with existing structures could create something really special on this site, and in doing so help to regenerate this important gateway to the city,' he added.