The former Peugeot factory at Ryton could begin employing people again from 2008, the sellers of the site have claimed.
The 140- acre site, which employed 2,300 workers until it closed its doors for the final time last Thursday, has been put on the market with a value estimated of about #50 million.
Commercial property consultants Gerald Eve have been engaged by PSA Peugeot Citroen to find a buyer for the factory, which is just outside Coventry.
Chris Kershaw, head of the Birmingham office of Gerald Eve, would not be drawn on the value of the land, saying it would depend on the planning permission.
He said discussions would begin with the planning authority - Rugby Borough Council - early in the New Year.
He said: "There is no price tag at the moment. Decommissioning is due to take place early next year, and the sale will begin after that."
Mr Kershaw said the decommissioning - removing the plant and machinery as well as paints and solvents - was likely to take three months. A sale was likely to be completed next year, with the new occupants moving in during 2008.
The sale is likely to lead to the demolition of the factory, which has been extended on several occasions since it was first built in 1939.
Mr Kershaw said: "The planners want regeneration of employment to continue at the site, and I think that is the likely outcome."
Planning officials in Coventry and Rugby along with the Councillor Ken Taylor, leader of Coventry Council, and Brian Woods-Scawen, chairman of the Peugeot Partnership, have all said the site must be retained for employment.
Rugby and Kenilworth MP Jeremy Wright, whose constituency covers Ryton, said: "It's a great shame we are losing manufacturing jobs. I do not want to see Ryton turned into a housing estate. It is up to all of us to promote it as as an employment site and the better skilled and higher quality jobs the better."
One developer said the site could fetch anything between #25 million and #100 million depending on the land use.
He said: "The site is 140 acres, but it would need some significant landscaping which could take out 20 acres. With industrial use, the average value is something like #300,000 per acre, so with 120 acres that would lead to a value of around #35 million.
"But housing is worth much more - about #1 million per acre. Peugeot are probably aware that the planning authorities want it to be industrial or employment use, but would like to sneak some housing around the edges in order to bump the value up."