The silver silkscreen painting by Andy Warhol called "Double Elvis (Ferus Type)" depicts the rock and roll icon as a cowboy. He is shown armed and aiming from the hip with a shadowy figure of himself in the background.
It is expected to sell for between $30 million and $50 million when Sotheby's puts it up for auction in New York City on May 9.
The auction house says it's the first "Double Elvis" to appear on the market since 1995. It was first exhibited at the Ferus Gallery in Los Angeles in 1963. Sotheby's identified the seller only as a private collector.
Warhol made a series of 22 images of Elvis, of which nine are now in museums.
The Associated Press contributed to this report.