Presley's grand piano was played by the rock icon inside a music room at his Graceland mansion in Memphis, Tennessee.
While the piano's initial finish was walnut, it was later decorated with a 24K gold-leaf finish by Presley's wife, Priscilla as a first wedding anniversary present, Julien's Auctions revealed in a press release. It was first bought by Presley in 1955 for his mother.
Darren Julien, President & CEO of Julien's Auctions, told CNBC that anything associated with the rock star's life would be "hugely collectible."
"Anything associated with the life or career of Elvis Presley is highly collectible. What's important about this piano is that it has huge historical and personal significance to Elvis Presley when he was alive."
"No other piano has this much history or significance that was owned by Elvis."
The current estimate for the piano is expected to fetch between $500,000 to $700,000, and will be sold alongside a matching bench.