ONCE famous for pushing the boundaries with sex tips and centrefolds, iconic Australian women’s magazine CLEO is set to fold after 44 years.

The Daily Telegraphreports several sources at Bauer Media Group, who publish CLEO, say the magazine’s editor Lucy Cousins and staff will be told of the closure today.

While a February edition is set to be published, it’s understood the magazine won’t continue after that.

The publication’s circulation has been on a steady decline, with monthly sales at 42,212 — down from 150,000 eight years ago.

News of the shut down follows a decision last January to merge the magazine’s editorial team with teen magazine Dolly.

In December, CLEO’s website was also quietly shut down, with users being diverted to Cosmopolitan.com.au — also owned by Bauer.

While a Bauer spokesman confirmed the website’s closure to The Daily Telegraph they said they had no announcement to make regarding the magazine.

It’s reported the annual Cleo Bachelor of the Year contest will continue under the Cosmopolitan umbrella.

Thought up by publishing giant Kerry Packer and Ita Buttrose in the 1970s, CLEO pushed the boundaries with nude male centrefolds and sex tips. It was also the subject of the 2011 miniseries Paper Giants: The Birth of Cleo.

The magazine has been a stepping stone for several of Australia’s most influential women in media, including Today show host Lisa Wilkinson and Deborah Thomas.