The Walkabout Creek Hotel, in the small town of McKinlay in the state of Queensland, was made a popular tourist attraction by the film.
But owner Paul Collins says he is looking for a change after 23 years.
In the movie, the Walkabout Creek Hotel is the favourite watering hole for knife-wielding hero Mick "Crocodile" Dundee played by Paul Hogan.
The hotel - built in 1900 - was originally known as the Federal Hotel but later changed its name to that used in the film.
"I've been running it for 23 years, it's time for a change and a break," Mr Collins told AFP news agency.
"It's a different pub, it's in a remote location. It's not everyone's cup of tea," he added.
"But there has been some pretty strong interest to date. It's a good pub."
The pub is packed with memorabilia and photographs from the hit film.
It is a popular stopping-off point for tourists who travel between Brisbane and Darwin.

The operation happened in north-west Mexico in recent days but few details have been released.
Guzman, head of the Sinaloa cartel, escaped from a high-security prison in July through a specially dug tunnel.
His escape was an embarrassment for Mexican President Enrique Pena Nieto.
The government said in a statement that efforts to recapture Guzman had been focused in the north-west of the country, not far from Guzman's native Sinaloa state.
"As a result of these actions, and to avoid his capture, in recent days, the fugitive engaged in a hasty retreat, which, according to the information received, caused him injuries to one leg and the face," the statement said.
"It's important to clarify that these injuries were not a product of a direct clash," it added, without giving further details.
The statement added: "The security cabinet continues to conduct all actions that will allow the recapture of this criminal."
Mexico has arrested several prison officials since Guzman's escape.
Investigators said he had inside help to flee through a tunnel that ran 1.5km from under a shower in his cell to outside the prison.
After his escape, Guzman took to Twitter to taunt the police and insult President Pena Nieto.
Guzman was first arrested in Guatemala in 1993 and spent nearly a decade in another maximum-security Mexican jail before escaping, reportedly in a laundry basket.
He was on the run for 13 years before being held again in 2014 after a series of high-profile arrests of associates and covert surveillance by the US authorities.

France international Sissoko, 27, did not even make the bench for Spurs' 2-1 defeat at Chelsea on Saturday.
"Football is not about money," said Pochettino.
"You need to show on the training ground you are better than another team-mate and you deserve to be involved."
Sissoko joined Spurs on a five-year contract after they matched Everton's bid on transfer deadline day in September.
He has made five starts in all competitions, plus five more appearances as a substitute.
However, he has not played in the Premier League since being given a three-match ban for elbowing Bournemouth's Harry Arter on 22 October.
The former Toulouse player missed the EFL Cup tie against Liverpool as well as league games against Leicester and Arsenal, but was not involved against West Ham on 19 November.
"If you sign a player and you expect something and you do not find what you expect and if another deserves to be involved, like (Georges-Kevin) Nkoudou or (Vincent) Janssen - why? Because we paid money we need to put the player to play?" added Argentine Pochettino.
"Of course he needs to work hard and show in the future he deserves to be involved in the team.
"I need to take a decision and I believe the players that start on the bench deserve to be involved."
The Australian outback pub made famous by the 1980s film Crocodile Dundee is up for sale.
[NEXT_CONCEPT]
Fugitive Mexican drugs lord Joaquin "El Chapo" Guzman suffered face and leg injuries as he narrowly evaded a police operation to recapture him, officials have confirmed.
[NEXT_CONCEPT]
Tottenham midfielder Moussa Sissoko has failed to live up to expectations following his £30m move from Newcastle, says manager Mauricio Pochettino.