P2X 4 and P2X 7 receptors are abundantly expressed in alveolar epithelial cells, and are thought to play a role in regulating fluid haemostasis. Here, we analyzed the expression and localization of the P2X 4R, and characterized the interaction between Cav-1 and both P2X 4R and P2X 7R in the mouse alveolar epithelial cell line E10. Using the biotinylation assay, we found that only glycosylated P2X 4R is exposed at the cell surface. Triton X-100 solubility experiments and sucrose gradient centrifugation revealed that P2X 4R was partially localized in Cav-1 rich membrane fractions. Cholesterol depletion with Mβ-CD displaced Cav-1 and P2X 4R from the low-density to the high-density fractions. Suppression of Cav-1 protein expression using short hairpin RNAs resulted in a large reduction in P2X 4R levels. Double immunofluorescence showed that P2X 4R and Cav-1 partially colocalize in vitro. Using the GST pull-down assay, we showed that Cav-1 interacts in vitro with both P2X 4R and P2X 7R. Co-immunoprecipitation experiments confirmed the interaction between P2X 7R and Cav-1. ATP stimulation increased the level of P2X 4R in the lipid raft/caveolae fraction, whereas Cav-1 content remained constant. Our results support recent evidence that P2X receptors are present in both raft and non-raft compartments of the plasma membrane and thus exhibit variable ATP sensitivity.