According to Rolling Stone, the 1964 Fender Stratocaster electric guitar the singer played during his Newport performance will soon be auctioned off to the highest bidder.
The current owner of the guitar, Dawn Peterson, believes the item should hold a hefty price tag.
"(TV show) 'History Detectives' felt it was worth $500,000," says Peterson. "I believe it's probably worth more than that."
Dylan's handwritten lyrics of "Just Like a Woman" and "Temporary Like Achilles" will also be included in the deal.
The auction is likely to launch later this year but a date for the auction hasn't been announced.