Obree, who achieved the world record for the longest distance cycled in one hour, is also offering up 15 gold or silver medals at the auction.
Christened the “Beastie” by Sir Chris Hoy, the bike was built in his kitchen using mostly recycled materials, and will be sold at Great Western Auctions, Glasgow.
The Beastie was designed with one purpose in mind - to go terrifyingly fast, with the rider lying head first.
It was made to challenge the world land speed record at Battle Mountain in Nevada 2013 and is now estimated to be worth between £10,000 and £15,000.
Other lots included a hand-built bike frame estimated to be worth £2,000-3,000, and the World Hour Record medal 1994, with an estimated worth of £1,000-1,500.
The incredibly rare yellow-metal and enamel Hour Record medal is believed to be the only one to come to auction so far.
Also auctioned will be two World Championship Men’s Individual Pursuit gold medals from 1993 and 1995 estimated to cost £2,000-3,000 each.
Born in 1965, Graeme Obree’s career has been an inspiration for cyclists across the world from cycle tourists to elite cyclists such as Sir Chris Hoy.
But many know Obree as the man who designed and built the Washing Machine bike - recently voted the most famous bike in the world - “Old Faithful”.
The items will go under the hammer on September 22.