The nine-by-nine-metre hoarding is located on the St Martin-in-the-Fields church's south-west side, and would give advertisers a prime vantage point to target the throngs of tourists who congregate in the area.
The view that advertising, as some would have it, is the root of all evil is clearly not shared by the Reverend Nicholas Holtam, the vicar who is looking to fund his church's renovation partly by selling the space.
But, to date, there has been a reluctance on the part of brands to advertise on this piece of holy ground, perhaps out of a fear of divine retribution.
Perhaps other potential advertisers have heeded the words of Jesus Christ, who famously drove out money-lenders from a temple. "Do not make My Father's house a house of merchandise!" he said.
However, any interested advertisers should be aware that there are a number of rules over the types of ads that can be displayed.
There can be no alcohol, tobacco, junk food, sexual activity or suggested sexual activity, violence, illegal drugs, gambling, nudity, profane language, non-compatible religious activity and nothing political or racial.