McGarvey wore the shirt when he headed in the famous late winner in the 2-1 victory over Dundee United at Hampden Park.
It was the last time the striker wore the hoops as he signed for St Mirren that summer after five years at the Parkhead club.
Now, 30 years later, the ex-Scotland player will use his prized possession to raise money to help those in need in his native city.
McGarvey, 59, said: “Brother Walfrid founded Celtic for the maintenance of dinner tables for the children and the unemployed.
“He said that in 1887. I can’t believe that in 2015 we have to have food banks because people do not have enough to eat.
“I was lucky enough to play for Celtic and the jersey obviously has great sentimental value to me. It was the last time I wore a Celtic jersey before I moved to St Mirren.
“But I thought it would be a good idea to raise some money to help some people in Glasgow, and not just Celtic fans, to get through some tough times.
“I have not yet decided exactly how I will auction the shirt, but I hope it will make a good amount of money to go towards the food banks.”
Before last month’s Scottish Premiership match against Kilmarnock at Parkhead, Celtic fans, backed by the club, organised a pre-game food bank collection outside the stadium, to mark the 100th anniversary of Brother Walfrid’s death.