The retailer has launched a Design A Sex Toy competition with the aim of discovering a sex aid to outsell Ann Summers' best-selling Rampant Rabbit vibrator.
The brand has linked up with experts from the UK sex toy industry, including TV sex expert and author Tracey Cox.
Cox will be joined by LoveHoney's head buyer Bonny Hall to judge the best sex toy idea.
The winning entrant will be awarded £1,000 and royalties to be negotiated once the product is manufactured and retailed.
Hall, who is chairing the judging panel, said: "We're looking for the Dyson of sex toys -- the revolutionary idea that's going to sell around the world and earn the inventor thousands, if not millions, of pounds.
"Whether you make your mock up out of Play-Doh, sketch it out on a scrap of paper, or use a computer graphics programme isn't important.
"If the concept turns us on, then you could be onto a winner."
Full details of the competition and inspirational designs of sex toys are available on the competition website.
Users can conduct product research and read reviews of sex toys on the LoveHoney website.
The closing date for entries is December 31.