The 330GT 2+2 Coupe, the world-famous singer-songwriter's first car, is expected to fetch between 180,000 and 220,000 pounds.
Lennon bought the car on the day he passed his driving test in February 1965, as his home in Surrey was besieged by luxury car dealers displaying their wares.
"It is a wonderful commentary on the early excitement generated by 'Beatlemania' that John Lennon didn't even have to leave his house to buy his first car," Sholto Gilbertson, Bonhams motor car senior specialist, told The Daily Telegraph.
Lennon reportedly walked out and chose the Ferrari, which at the time cost 6,500 pounds (equivalent to about 110,000 pounds today).
The car is one of only 500 ever built and will be sold with a history file documenting its provenance, including correspondence with Lennon.
"Within hours, the road outside the security gates of his Kenwood home in Weybridge, Surrey, was jammed with Maseratis, Aston Martins, and the Jaguar E-type, as luxury car dealerships - hungry for business - spotted an opportunity to secure a high-profile client," reads the auction house description of the Ferrari lot.
Despite its six-figure price tag, Lennon's Ferrari is unlikely to be the most valuable car sold at the auction with prices ranging up to 3.5 million pounds for a 1955 Maserati.
The Goodwood Festival of Speed brings together historic motor racing vehicles on the grounds of Goodwood House in West Sussex in the south-east of England.
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