The drawing was found in a sketchbook was found at Lennon's former home in England, where he lived with his first wife Cynthia starting in 1964.
Lennon wrote several Beatles hits in the Surrey mansion, as well as much of Sgt Pepper's Lonely Hearts Club Band.
The early album artwork sketch features a bass drum emblazoned with the LP's title and is estimated to be worth between USD 40,000 and USD 60,000.
A number of Beach Boys items are also set to hit the auction block including photographs, manuscripts, handwritten notes and lyrics, music sheets and band contracts, 'The Rolling Stones' reported.
Several Elvis Presley items will also be up for sale, including his first piano and the King's chest X-ray.
Other highlights include Prince's handwritten notes and lyrics, the zoot suit David Bowie wore in the short film Jazzin' for Blue Jean, a Rickenbacker guitar used by the Edge, Eric Clapton and Morrissey and Django Reinhardt's Levin Deluxe guitar.
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