SCP Auctions says the medal could sell for upward of $1 million in the online auction that runs from Nov. 20 to Dec. 7.
Owens won gold in the 100- and 200-meters, the 400 relay and the long jump at the games attended by Adolph Hitler.
According to the Laguna Niguel-based auction house, the medal to be sold is unidentifiable to a specific event. It says Owens gave the medal to his friend, the dancer and movie star Bill "Bojangles" Robinson, as a thank you for helping Owens find work in entertainment after he returned from Berlin.
The medal is being sold by the estate of Robinson's late widow, Elaine Plaines-Robinson. SCP Auctions Vice President Dan Imler said Monday the Owens family confirmed the medal is original; the whereabouts of the other three is unknown.
Owens was later issued a replacement set that is part of an exhibit at Ohio State, his alma mater.
Imler says the Robinson family plans to use part of the proceeds to fund college educations for their children and donate to charity.
Among other items in the auction is Boston outfielder Shane Victorino's grand slam home run ball from last month's AL championship series that helped the Red Sox clinch a berth in the World Series. The seller is Nick Wood, a 23-year-old University of Rhode Island student.
The auction also includes items from baseball stars Jackie Robinson and Goose Gossage, and NFL quarterback Warren Moon.