The late singer's pants were worn under his famous white suit in 1977, the year in which he passed away.
They were found at the estate of his father Vernon Presley, and will go under the hammer in Stockport, Cheshire in September.
The framed piece of clothing is expected to take in around £10,000 ($15,800).
The auction will be held to coincide with the 35th anniversary of his death.
Also available for purchase is his annotated Holy Bible, which he owned since his first Christmas at Graceland in 1957.
Several passages were underlined by Presley, including: "What is a man advantaged if he gain the whole world and lose himself or be cast away."
There are also home movies taken by his wife Priscilla, including their wedding day and when their daughter Lisa Marie first arrived at Graceland.
The maker of the Tupac Shakur hologram recently outlined plans to unveil an Elvis Presley version.
Watch the video for Elvis Presley's 'Suspicious Minds' below: