Auction administrator Darren Julien says he expects to get at least $200,000 for the autographed red and black leather jacket worn in the video.
The jacket will be on the auction block at the Music Icons auction on June 25 and 26 at Julien's Auctions.
Other Jackson items will be up for sale, including the wig that Jackson wore when he announced the "This is It" tour, a fedora and spangled glove he wore on stage and his shirt from the "Scream" video.
Jackson died at the age of 50 in 2009. Part of the proceeds from the sale will benefit the Shambala Preserve, where Jackson's two Bengal tigers, Thriller and Sabu, have been living since the pop star left his Neverland ranch in 2006.
The public can view the collection from June 13 to 25 at Julien's Auctions Gallery in Beverly Hills.
The Associated Press contributed to this report.