Tom Hicks and George Gillett on Friday announced British Airways chairman Martin Broughton had been appointed supervise the "formal sale" of the club.
"Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families," Hicks and Gillett said in a joint statement.
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"We have now decided together to look to sell the club to owners committed to take the club through its next level of growth and development."
For more than two years, Hicks and Gillett have been trying to attract investors to reduce the debt resulting from their leveraged takeover in 2007, which stands at ₤237 million ($A389.55 million), and raise finances to build a new stadium to replace Anfield.
Feuding between co-owners
But that investment search has failed amid feuding between the pair, who have faced angry protests from Liverpool fans on their rare visits to northwest England.
Now the Americans hope Broughton, along with Barclays Capital, can succeed in finding a buyer.
"Martin is a distinguished business leader of excellent judgment and with a great reputation," the owners said in a statement.
"He is a genuine football supporter and will seek to oversee the sales process in the best interests of the club and its supporters."
The lack of funds to strengthen the squad has had an impact on Liverpool's performance on the field this season.
Runners-up last season, Liverpool are languishing in sixth place this year, six points adrift of fourth place and the final English berth in next season's Champions League.
"Liverpool is one of the world's greatest clubs and my aim is to try and ensure that we find new owners who are able to build on the club's recent improved financial performance in order to help deliver sporting success," Broughton said.
