The shirt wore during the 1986 World Cup quarterfinal against England -- the match in which he scored the 'Hand of God' and the 'Goal of the Century' -- is estimated to fetch more than £4 million (US$5.25 million) at auction.
The iconic blue jersey has been in the possession of former England midfielder Steve Hodge, who exchanged shirts with after Argentina's 2-0 victory.
During the game, Hodge unintentionally flicked the ball into the air for Maradona to score the infamous 'Hand of God' goal.
"The Hand of God is truly a singular moment not only in the history of sports, but in the history of the 20th century," said Brahm Wachter, Head of Streetwear and Modern Collectables at Sotheby's, the auction house where the shirt is set to be sold.
"The moment resonated far beyond the world of football, coming soon after the Falklands conflict, and has in turn inspired books, films, and documentaries. Maradona is now remembered as one of the greatest to ever play the game of football -- and this particular game is an instrumental part of his legacy.
"Of course, not only was 'The Hand of God' goal scored in this game, but also, the 'Goal of the Century' which is widely considered to be one of the greatest individual goals of all time," Wachter added.
Maradona's shirt is expected to challenge Babe Ruth's Yankee road jersey as the most expensive match-worn jersey sold at auction, with the current record $5.64 million.
It's the first time the shirt has been on the market, having previously been on display at the National Football Museum in Manchester, England.
"I have been the proud owner of this item for over 35 years, since Diego and I swapped shirts in the tunnel after the famed match," Hodge said. "It was an absolute privilege to have played against one of the greatest and most magnificent football players of all time.
"The Hand of God shirt has deep cultural meaning to the football world, the people of Argentina, and the people of England and I'm certain that the new owner will have immense pride in owning the world's most iconic football shirt."
The shirt will be on sale online from April 20 to May 4 and will be displayed at Sotheby's in London for the duration of the auction.