The comic, which features the debut of Jerry Siegel and Joe Shuster's Superman, is expected to fetch over $1.5 million (£940,000), reports The AP.
"It's an iconic milestone of the 20th century," said Stephen Fishler, CEO of ComicConnect.com, which is organising the auction.
The mint-condition comic, which was stolen in 2000, was recently recovered from a storage shed in California.
Fishler would not identify the seller, but it is known that Nicolas Cage's copy of the comic was recovered earlier in the year under similar circumstances.
Last year, a copy of Action Comics #1 sold for the current $1.5 million record.
The DC Comics issue had an original cover price of 10 cents (6p).