The LX Torana is billed as one of the most important pieces of Australian motor racing history put up for auction in some time.

The iconic car was driven during the 1977-79 Australian Touring Car Championship and goes under the hammer on Saturday.

Auctioneer Lloyds says it has received national and international interest in the car, with online bids reaching almost $800,000 on Friday afternoon.

The car is presented bearing #76 in the HTD Marlboro livery and running as well as it did in the old days when it thundered around the track, Lloyds said.

Lloyds chief operations officer Lee Hames said he would not be surprised if the Torana ended up selling for $2 million.

"The significance and provenance of this car is paramount to Australian history and is something that is very special and extremely rare. There is no other like this car, it is 1 of 1 driven by legendary race car driver John Harvey," Mr Hames said.

The Torana was the most successful touring car released by General Motors-Holden.

The car comes with John Harvey's jacket, boots, helmet, trophies, racing records and other memorabilia.

Its current owner bought it in 2002 and had an association with John Harvey since 1999.

Bidding ends at 7pm on Saturday.

Australian Associated Press