A Benetton-Cosworth Ford B194 driven by Michael Schumacher in 1994, his first Formula One championship-winning season, will auction on December 1 at Bonhams London.
The car, which raced to victory in four Grand Prixs that season, at Imola, Monaco, Canada and France, is estimated to auction for a figure in excess of £600,000 ($964,500).
Known by its chassis number, B194-05, the car was retired at the end of the season, but retained by the team at the factory in Enstone, Oxfordshire, UK where it was built.
Since its decommissioning, B194-05 has been refitted and most recently featured in the Goodwood Festival of Speed in Sussex, England.
The Cosworth-Ford Zetec engine has been completely rebuilt, along with the installation of a new gearbox and a high-speed paddle-shift gear change system.
James Knight, motoring director at Bonhams, commented: "Having handled and successfully sold the Nuvolari 1930s Alfa Romeo 8C-35 and the Fangio 1950s Mercedes Benz W196, we are delighted to cap off 2013 by offering another exceptional single-seater - the Schumacher 1994 Benetton B194 from his first Championship-Winning season.
"Unlike so many other modern era Formula 1 cars, this one is complete, fully operational and effectively in race-ready condition. In fact, only a few weeks ago we were filming the car at the Ascari track in southern Spain."
Earlier this year, a Benetton B191 driven by Schumacher in his 1991 F1 debut at Monza realised $195,000 at an auction in Germany.
While the B191 is an important piece of Formula One history, the added cachet of B194's winning history should ensure the 1994 car reaches a far higher price.
Last year, Schumacher's Ferrari F1-2000 from the 2000 Austrian Grand Prix sold for $1m at an auction house in Monaco.
On November 21, Schumacher's Ferrari F310B, raced in the 1997 Australian Grand Prix, will feature in RM Auction's Art of the Automobile sale in New York.
You can view our Formula One memorabilia here.
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