Lennon scrawled some lyrics for "I'm Only Sleeping" on the back of a letter demanding overdue payment for his radiophone, an early car phone, The Guardian reported.
"I'm Only Sleeping" appeared on the Beatles' classic 1966 album Revolver.
"Will you please pay it in the next seven days. Unless it is paid by then we shall have no alternative but to revoke your licence and to institute legal proceedings to recover the debt," the letter, dated April 25, 1966 says.
A private owner is selling the lyrics along with a coffee table from Lennon's former home.
The items will go on sale in London next month.
"The lyrics were scrawled on the back of a bit of paper that he had to hand ... He must have had a melody in his head and began writing words, then crossing them out if they didn't rhyme or scan," said Stephen Maycock, a consultant for Bonham's auction house.
Earlier this year, a copy of Lennon's lyrics for Day in the Life, the final track on the Beatles' Sgt. Pepper album, sold for 810,000.