His offer, appearing in the Washington Post, asks readers to phone their tips to his hotline number or send an e-mail to a dedicated online address at his Hustler porn magazine.
"Do you have information about infidelity, sexual impropriety or corruption concerning a current US senator, congressperson or prominent government official?" the advert asks in large, bold type.
"Can you provide documented evidence of your claims? Larry Flynt and Hustler magazine will pay you up to $1-million if we choose to use your material and publish your verified story," the advert says, adding all correspondence will be kept "strictly confidential".