O'Neal was in court on Monday (02Dec13) fighting to keep the painting, which he claims is legally his.
Officials at Fawcett's alma mater the University of Texas at Austin, who already own the portrait's twin, insist the former Charlie's Angels star had left the silkscreen to them in a living trust, along with all her art.
Testifying in court, the actor revealed the portrait of his late lover hangs over his bed and he insisted he has no plans to sell it.
He told the court, "I’m going to give it to her son. Our son."
The portrait is worth as much as $30 million (Gbp20 million), according to art experts.
A list of potential witnesses who may appear at Los Angeles Superior Court for the art trial includes O'Neal and Fawcett's son Redmond and her Charlie's Angels co-star Jaclyn Smith.