At least 10 former and current staff members have agreed to pose for the magazine's feature titled The Women of Enron.
The managing photography editor for the project, Jim Larson, says hundreds of women answered the initial call for the feature.
They submitted head shots as well as photographs of themselves in two-piece bathing suits.
The names of those selected will be released several weeks before publication.
Mr Larson said: "The pictures will be more about glamour and beauty versus high concept. We won't have any women shredding documents." Playboy spokeswoman Theresa Hennessey said: "Enron is a topic that everyone is talking about, and Playboy is always on top of current events. This will definitely be a big seller."
The Houston Chronicle says Playboy reviewed numerous locations for the shoots and settled on at least three private homes.
A search by Playgirl to find Enron's sexiest man hasn't been as successful. Magazine bosses say they wanted to be politically correct by doing a feature on the company's men as well.
