The red and blue outfit, complete with cape and boots, was seen on late actor Reeve in 1987 blockbuster Superman Iv: The Quest for Peace and is expected to fetch as much as $32,000 (£20,000) at the Julien's Auctions sale in Beverly Hills, California.
The costume, made by London-based designers Bermans & Nathans, was given to a member of the production team after filming on the movie wrapped.
Martin Nolan, of Julien's Auctions, says, "It's still in great condition and you can see the little sewn-in slots where the cables were attached for the flying manoeuvres in the film. It's an iconic outfit and I guess one of the only times in history when wearing underpants on the outside was a good look."
The costume will be sold off during the two-day sale on 5-6 April (13).