"Everybody needs money," said Pele, the player FIFA termed the 'Player of the Century'.
Pele said he was putting more than 2,000 items up for auction, including his three World Cup medals and a one-of-a-kind Jules Rimet trophy, in order to raise funds for charity and his former club Santos.
"The trophy was like my son, my family," Pele told ESPN in an interview.
The three-day auction, which opens on Tuesday in London, will feature memorabilia from the 75-year-old's illustrious career with Brazil, Santos and the New York Cosmos and could fetch up to $1 million, auctioneers said.
"That was the decision to do this, to help the charity and the children," Pele said. "The idea is that half of the money goes to the children's hospital and the other charities and the rest of the memorabilia will go to Santos, for an exhibition. Santos, the team that made me be here."
With inputs from Reuters
