The star wore the accessory during his performance at the Monterey Pop Festival, which catapulted him to fame in 1967.
He gave the item to photographer Karl Ferris on his return to London after the festival.
Ferris is now selling the object in the run-up to the 50th anniversary of Hendrix’s death, aged just 27, on September 18.
He said Hendrix had an affectionate name for the item, which he also wore on an album cover.
“Jimi called it his ‘Magic Boa’ because it brought him much luck… as he wore it on… Are You Experienced and at his best ever concert, Monterey Pop,” Ferris said.
“As a tribute to the great man I thought it would be the right time to offer the ‘Magic Boa’ along with a selection of the photographs of Jimi I took back in 1967.”
Ferris said the colour of the feather boa changed to yellow on the album cover because of the infrared film effect.
Paul Fairweather, auctioneer at Omega Auctions, said: “It is a great honour to be able to offer for auction Jimi’s “Magic Boa” that he wore on the cover of his seminal album and also at one of his most iconic performances.
“It is 50 years since he sadly died and this auction in many ways is a celebration of this music legend.”
The boa will go under the hammer at Merseyside-based Omega Auctions’ music memorabilia sale on September 8.
