The custom-designed trumpet will be offered at Christie's as part of its Exceptional Sale, held on October 29 in New York.
The jazz legend personally commissioned the "Moon and Stars" trumpet around 1980 from the Martin Company, which was founded in 1865 in Chicago by German instrument-maker Johann Heinrich Martin.
Miles Davis was particularly fond of the Committee model, whose production was stopped in the 1960s following the sale of the Martin Company to a rival manufacturer.
However, the Committee trumpets continued to be custom-made for the jazz musician during several years.
The instrument being auctioned notably features a deep blue lacquer and gilt crescent moon and stars, as well as the name "Miles" inscribed inside the bell.
"Knowing the history of Miles as being very, very detail-oriented, I can imagine he designed this totally himself. He was a visual artist as well. The layout of this is so beautiful: the moon, the stars ... Just looking at the design, it's just flawless," jazz musician Keyon Harrold said in a video released by Christie's ahead of the auction.
Christie's expects the "Moon and Stars" trumpet to sell for between $70,000 and $100,000.
"We are over the moon to be offering this beautiful instrument made for jazz legend Miles Davis. Miles Davis's music has that same magical, transformative power to move us that a great masterpiece of painting or sculpture does," Becky MacGuire, director of the Exceptional Sale, said in a statement.
The "Moon and Stars" trumpet is part of a set of three different color editions, conceived at Davis's request at a time when he was reemerging from a five-year hiatus from music.
It was acquired by the current owner from the collection of jazz musician and sometime Davis collaborator George Benson.
The red trumpet has remained in Davis's family since his death in 1991, while the black one is buried with the musician in the Bronx's Woodlawn Cemetery.
Miles Davis's "Moon and Stars" trumpet will be offered on October 29 during Christie's Exceptional Sale in New York City.