Larsen, now 82, accomplished the feat in Game 5 of the 1956 Series against the Brooklyn Dodgers at Yankee Stadium. Now he will use his jersey and pants from that contest to help pay for his two grandchildren's college education.
Larsen was asked how much he would like to earn from the sale.
"A million," he said at a news conference to announce the auction. "Why go cheap?"
According to the AP report, Steiner Sports Memorabilia will conduct the auction this fall, and the company says several seven-figure offers already have come through. Executive vice president Brett Schissler believes the uniform will command a price of up to $2 million.
Larsen recently drove from his home in Hayden Lake, Idaho, to retrieve the uniform from the San Diego Hall of Champions, where he loaned it after his induction in 1964. Larsen was a standout high school athlete in the area.
No matter where the uniform ends up next, Larsen's connection to it won't change.
"It's still mine," he said. "I'm still inside it."
Larsen struck out seven in his perfect game, which the Yankees won, 2-0, on their way to taking the series in seven games. He pitched 14 seasons in the Major Leagues, the last in 1967.
At the news conference, Larsen recalled catcher Yogi Berra leaping into his arms after the perfect game's final out, although at the time, Larsen thought he had completed only a no-hitter. He didn't find out about the perfecto until he got to the Yankees clubhouse.
"When Yogi jumped on me, I probably still haven't woken up yet," Larsen said.
Andrew Simon is a contributor to MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.