Since 1967, founder Jann Wenner, 71, has run the magazine as an independent.
Jann Wenner-who started Rolling Stone in 1967 as a hippie student in Berkeley, California and now runs it with his son Gus-told The New York Times that the future looked tough for a family-run publisher.
The tabloid is one of the highly reputated magazines covering rock music.
Methuselah Advisors has been retained as Wenner Media's financial advisor.
If American Media, Inc., were interested in Rolling Stone, it would mark a sharp change in owners' ideologies.
But it is also well known for its iconic front covers, which were for many years the ultimate symbol of a music act's success and relevance.
Perhaps the most famous was Annie Leibowitz's photo of Beatles lead singer John Lennon curled up naked next to his fully-clothed wife, the musician and artist Yoko Ono.
Writers who penned articles for the publication include Hunter S. Thompson, P.J.
However, the company said Rolling Stone still reached 60 million readers a month and its digital and social media footprint was growing rapidly.
"Rolling Stone is a uniquely powerful brand with enormous opportunities to succeed in today's environment", Wenner President and Chief Operating Officer Media Gus Wenner said in a statement.
Wenner's 27-year-old son, Gus, now serves as president and COO of Wenner Media.
No potential buyers have been named.
Last year, Singapore's BandLab Technologies bought a 49 percent stake in Rolling Stone.