Billed as the first professional sports auction of India's cricketing heritage, the sale will take place at the restructured auction house of Osian's group.
Other items up for auction include unique bats, wickets, gloves, ties, badges, sweaters, books pertaining to the icons of Indian cricket.
The 1932 photograph of the first Test team led by C K Nayudu has an estimate of Rs 50,000-80,000.
The organisers said a preview will be held on September 6 at the C K Nayudu Hall at the Cricket Club of India in Mumbai.
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India's Glorious Cricketing Heritage is a unique attempt to use the auction catalogue as the basis of a larger reference publication.
There will also be a panel discussion on "How Contemporary Cricket can Learn from India's Cricketing Heritage" involving Majumdar, Bishen Singh Bedi, Wadekar, Prasanna and Gaekwad.
The preview exhibition will be open to the public from September 7-12 at Osian's Mumbai headquarters.
Theosianama.Com is an online integrated portal on India's cultural civilisation.