The original club in Park Lane attracted stars such as Sean Connery, Michael Caine, Joan Collins, George Best, Roger Moore, Jack Nicholson and Muhammad Ali.
Now, casino giant London Clubs International has called in Mischief as it plans to convert the Rendezvous club, in Old Park Lane, into a Playboy franchise. The new club is due to open in 2011.
Feminist writers have criticised the reopening, but Mischief MD Mitchell Kaye said: 'It's an iconic venue - and very much a case of the legend returning.' He added: 'We will be targeting a very exclusive membership.'