The three-piece costume made famous in the 1977 film is expected to fetch up to $200,000.
"In a star-making turn at the young age of 23, Travolta transforms his character's street swagger and self-assuredness, seemingly meritless at first view, into the stuff of legend each time he struts onto the dance floor and showcases his natural dancing ability," reads the auction listing for the suit.
Olivia Newton-John and John Travolta maintained a friendship for decades after filming the 1978 musical "Grease." Other key items from the auction include an original steel machete used by Harrison Ford in 1984’s "Indiana Jones and the Temple of Doom" and a collection of 25 original contact sheets from 1960's "Let’s Make Love," which includes personal edits made by Marilyn Monroe . The contact sheets feature never-before-seen images of the actress.
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