The blue, three-quarter length coat, which dates from the late 1960s, is in the same style as the outfits worn by the band for the cover of their 1967 album Sgt. Pepper's Lonely Hearts Club Band.
Lennon, who died in 1980, left the item behind at his Berkshire, England mansion when he moved to the U.S. in 1971 and instructed his then-personal assistant Jo Jo Johns to give away his possessions.
Johns presented the coat to her friend Anthony Goddard as a birthday present and he has now decided to part ways with the garment, which is expected to fetch between $12,000 and $18,000 (£8,000-£12,000) at the Hansons Auctioneers and Valuers event in Derbyshire, England on 22 August (13).
Hansons manager Charles Hanson says, "There is no doubt in my mind that this jacket was well worn by John in the late 1960s. One wonders whether Dna may still be evident on the garment."