An objective of this study was to perform an analysis of available working fluids and select those one(s) that will be able to comply with the specific requirements of the ultra-high bypass ratio (UHBR) engine air bleed system and ensure efficient LHP operation. A multi-step approach was applied to analyse more than 700 working fluids and select four potential candidates, taking into account (1) working fluids compliance with EU regulations; (2) working fluids freezing, boiling, and critical points for the operating temperature range; (3) working fluids specific properties that influence the LHP performances. Selected fluids (toluene, acetone, methanol, 1,2-dichlorobenzene) were subjected to accelerated life tests to check their chemical compatibility with AISI 316 stainless steel to be used as the LHP material. Based on the results obtained, the toluene was selected as the working fluid for application in the innovative LHP-based thermal management solution for the UHBR engine air bleed system.