The synthesis of 17α‐ruthenocenyl‐17β‐oestradiol and results of biochemical tests to determine its suitability as a radiopharmaceutical agent, are reported. 17α‐Ruthenocyl‐17β‐oestradiol was obtained, in an overall yield of 29%, by addition of ruthenocenyl‐lithium (prepared by treatment of ruthenocene with t‐butyl‐lithium) to the ketone function of protected oestrone, followed by the deprotection of the 3‐OH function. It was characterized by X‐ray crystallography: space group P 21 (monoclinic), a=9.150(2) Å, b=11.806(4) Å, c=12.193(3) Å, β=94.56(2)°, V=1313(2) Å3, Z=2. The relative binding affinity (RBA) of this complex for the oestradiol‐specific receptor was compared with that of oestradiol. 17α‐Ruthenocyl‐17β‐oestradiol is still recognized by the oestradiol receptor with an RBA of 2%. Unlike its analogue, 17α‐propynyl‐Co2(CO)6‐17β‐oestradiol, it does not act as an affinity marker for the oestradiol receptor. This may be explained by the relative stability of the carbenium ion generated from it, which has a pKR+ value of +0.73. 17α‐Ruthenocyl‐17β‐oestradiol is however of potential interest as a radiopharmaceutical agent since ruthenium has radioactive isotopes emitting β‐ and γ‐radiation useful in nuclear medicine. © 1997 John Wiley & Sons, Ltd.