Motorsport legend Schumacher drove the car in 2001, racing to victory in the last of his five Monaco wins.
Most significantly, the seven-time world champion bagged his fourth title when he took first place at the Hungarian Grand Prix.
He started on pole position in the race and beat his own teammate Rubens Barrichello to seal the championship alongside a constructor’s title for Ferrari.
Now Sotheby’s has announced it will sell the German ace’s car at its Contemporary Art Evening Auction on November 16 in New York.
Racing fans are expected to clamour to get their hands on the piece of sporting history, with experts predicting it will sell for “well in excess of $4million”.
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Gregoire Billault, head of Sotheby’s Contemporary Art, New York, said: “We are pleased to join Ferarri’s 70th anniversary celebrations by offering Michael Schumacher’s Grand Prix winning Ferrari F2001 in November.
“Ferrari and Schumacher are the greatest names in motor racing, with a place in the public imagination that is synonymous with the highest achievements in the field.
“It is therefore entirely fitting that we offer the car that represents the pinnacle of that success alongside the great names in contemporary art such as Warhol, Basquiat and Johns.”
The Ferrari, described as one of the most important in the sport’s history, had a three-litre engine which developed almost 900bhp while weighing just 600kg.
It is the first car to be sold at a Sotheby’s sale since it joined forces with luxury car auctioneer RM two years ago.
Ken Ahn, president of RM Sotheby’s, said: “This very car secured Ferrari their 11th of a record 15 Formula One Constructors’ Championships and Michael Schumacher his fourth of an unmatched seven Drivers’ Championships, placing it among the best of the best in the world of motorsport.”
Stricken Schumacher is being cared for by his family following a catastrophic ski accident in December 2013.
The racing icon was skiing in the French Alps above Meribel in December 2013 with his 14-year-old son Mick when he fell and hit his head on a rock.
Despite wearing a helmet, the record-breaking driver suffered traumatic brain injury and was put into a medically induced coma.
In April 2014, Schumacher was withdrawn from the coma and moved to a rehabilitation ward in Lausanne, Switzerland, before being brought home to Germany that September.