It's part of a collection of 14 items including clothing and props going on the block on Thursday. Lee wore the yellow suit, with black stripes down the sides, in "Game of Death."
The incomplete film was released in 1973. Spink auction house estimates the suit will fetch 250,000 to 300,000 Hong Kong dollars (USD32,250-USD38,700).
The auction house said Lee gave the items to his friend and former student Taky Kimura, who sold them to the collector. Spink said the unidentified collector decided to sell the items this year, which marks the 40th anniversary of Lee's death.