The former Littlewoods headquarters which has been engulfed by fire is one of Liverpool's most famous landmarks.
It was constructed in 1938 and was once home to the football pools.
The building on Edge Lane has had various uses over the years and was even used to manufacture barrage balloons during World War Two.
Merseyside Fire and Rescue Service said the fire is under control and crews are damping down at the building, which has been empty since 2003.
In June, developers Capital & Centric announced they were transforming the site into a film studio complex to become the new base of Twickenham Studios.
They plan to name it Littlewoods Studios as an homage to the building's history.
The roof and upper floor of one wing of the structure were feared to have been lost after the fire took hold shortly before 20:00 BST on Sunday.
Merseyside Fire Service said there had been no injuries and there were no concerns over the building's integrity.