The title was one of the heavyweights in the men's sector in the 1990s but its recent ABC for the first six months of 2010 was 53,591  - a 26% drop year-on-year.

IPC Media said in a statement: "We have received an offer from Vitality Publishing and we are in discussions with them but we have no more comment at this time."

Privately backed Vitality Publishing publishes gay lifestyle magazine Attitude and was sold by its former parent Interactive Publishing to Financial One Securities in June after magazine distributor Magazine Marketing Company folded, putting a heavy dent in its revenues.

IPC said in May that it would review the future of its smaller niche and specialist magazines, although Loaded would not fit into this category.

An IPC spokesman said: "I can confirm that arising from the strategic review of IPC’s specialist titles, we are in consultation with staff on a number of brands. But the consultation is about an intention to sell, not the completion of any sale and we will not be confirming any information about brands or prospective purchasers until and if deals complete."