Land Securities, the site’s owner, has won planning permission to replace the six screens with one screen that could be sold for upwards of £30m a year according to industry estimates.
The six screens are worth more than £4m a year, but a single screen would be worth more than the individual screens combined, according to Lorna Tilbian, Numis Securities’ media analyst.
The first electrical ads appeared in Piccadilly Circus in 1908, with Perrier the first brand to be illuminated. Coca-Cola took its sign in 1955 and has had it ever since.
Piccadilly Circus was built to connect Regents Street with Piccadilly in 1819 and has been owned by Land Securities since 1968.
A Land Securities spokesman told The London Evening Standard: "We are working with experts in new technologies and out-of-home marketing to completely reposition this iconic site, giving advertisers innovative ways to interact with the two million weekly passers-by."