The long-running and hugely popular music compilation is said to be in jeopardy due to the takeover of EMI by Universal.
As part of the deal with the European Commission for Universal's £1.2 billion takeover of EMI, the label has agreed to sell EMI's 50% stake of the Now! brand.
The series is set to end with upcoming edition Now 83 - to be released in November - unless a buyer arrives to invest in the compilations.
The current compilation in the series Now 82 is currently the biggest selling album of the year with sales of over 700,000.
"Everyone has at least one Now album in their record and CD collection – they're a total guilty pleasure and an essential part of growing up," Top of the Pops magazine editor Peter Hart told The Independent.
"But at the same time, these song collections are nearly as an important part of British pop heritage as Top of the Pops itself, and it would be devastating to see them disappear for good."
Now! was launched in 1983, and was the first compilation series that worked with the major record labels of the day to include several number ones and big hits on one record.
The series has since sold over 100 million copies, and continues to dominate the compilation chart with each new edition, as well as several spin-offs including Now Dance.
1999's Now 44 is currently the biggest selling edition, shifting 2.3 million copies, making it the best selling compilation album ever.
It has also been launched in other countries around the world, including the United States, Argentina, Egypt and New Zealand.
Industry experts have stated that buyers for all parts of EMI are likely to arrive, especially the Now! series, which continues to be hugely popular.