The mammoth building, so large it has its own postcode, was constructed from 1874, with the first stone laid by mayor Joseph Chamberlain.
It could now be included in a fire sale of council assets to save taxpayers footing the bill for liabilities built up by the Labour-run authority.
A Conservative source said: “Birmingham council actually has a huge property bank, which could raise more than enough money to pay off all its debts.
“The Council House is in a prime location at the heart of the city centre, close to the International Convention Centre, bars, restaurants, and shops including Selfridges.
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