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The owners of the glamorous shoe business have been sounding out investment banks about "strategic options" for the business.
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Sources said the company's shareholders may appoint an adviser by the end of the summer to work on a strategic review.
Selling the company Marcus Morris Jersey , which has managed to expand despite the economic turmoil, is one option.
Any deal is likely to value Jimmy Choo at between ￡450m and ￡500m.
However, sources cautioned that the owners may also want to retain the business with a view to floating it for ￡1bn over the next few years.
Jimmy Choo was established by Tamara Mellon CBE, the one time It-girl and fashion PR, in 1996 with a ￡150,000 loan from her father, Tommy Yeardye, who co-founded the Vidal Sassoon hair products empire.
While working as Accessories Editor at Vogue magazine, Ms Mellon met Jimmy Choo, a Malaysian-born cobbler based in Hackney, east London.
Mr Choo used to hand-make beautiful women's shoes at the rate of 20 pairs a week. He would then lend the magazine shoes for photo shoots in return for a credit.
Eventually, Ms Mellon and Mr Choo formed a partnership to start the ready-to-wear shoe company. They opened the first stand alone boutique on Motcomb Street, in London's Knightsbridge along with a wholesale business.
Two years later, Ms Mellon ? who still owns a stake of between 17pc and 18pc in the company and remains president of the group ? opened the Jimmy Choo's first boutique in New York followed by a shop Los Angeles in 1999.
The shoes soon became a favourite of celebrities and Hollywood actresses, including Julia Roberts, Renee Zellweger and pop star Beyonce, who has sung about "kicking it in my Jimmys".
Indeed, a pair of Jimmy Choos is now most women's ultimate fantasy footwear with the company's stores in London, Beverly Hills and Las Vegas, selling the shoes for over ￡1,000.
For example, a pair of knee-high boots is currently being advertised on the Jimmy Choo website for ￡1,895.
Mr Choo, though, sold out in 2001 and mid-market private equity firm Phoenix Equity Partners bought into the company with an investment of roughly ￡9m. Following Phoenix's investment the company expanded into other fashion accessories, such as handbags, and opened a string of new stores in major cities.
Three years later Phoenix Equity Partners managed to turn its investment in Jimmy Choo into ￡34m by selling the business to the European arm of US buyout firm Hicks Muse Tate & Furst, which is now called Lion Capital.
In 2007, Lion Capital, owner of Weetabix and Wagamamas, divested its shareholding to TowerBrook, the private equity group that was part of financier George Soros's financial empire.
TowerBrook bought a majority stake in the company in a deal that valued the business at ￡185m. Gala Capital, a Spanish venture capitalist, also invested in the transaction.
Today, the Jimmy Choo has 100 stores in 32 countries. As well as shoes and handbags, the company now makes small leather goods, sunglasses and eyewear under the Jimmy Choo brand.
Last year, the group also signed a licence agreement deal with Inter Parfums for the formation, development and distribution of fragrances under the Jimmy Choo brand. TowerBrook and Tamara Mellon both declined to comment.
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