A legendary piece of baseball history from Babe Ruth is set to hit the auction block soon — and it could fetch millions

Babe Ruth, known as "The Great Bambino," is widely regarded as baseball's most storied player. He won seven World Series titles and hit 714 home runs during his career.

One of Ruth's most famous and controversial moments came in Game 3 of the 1932 World Series against the Chicago Cubs. In the fifth inning, Ruth stepped up to the plate, gestured toward the outfield, and hit the next pitch over the wall. This moment has become known as "The Called Shot."

The jersey Ruth wore during that game, which has been photo-matched to images from that day, will be up for auction starting Aug. 23. Experts believe it could sell for as much as $30 million, which would make it the most expensive piece of sports memorabilia ever.

"In the realm of sports collectibles, this is the greatest sports collectible of all time," said Chris Ivy from Heritage Auctions.

The only time the jersey was sold publicly was over 20 years ago — and it went for $975,000.

"People said that the buyer was nuts for paying a million dollars for, you know, an old baseball jersey. But at the end of this auction, he's gonna be looking like a very smart man," said Ivy.

In July, the jersey was brought back to Wrigley Field, where fans and players had the chance to see it up close. The jersey still bears unique stitching and stains, which Ruth's granddaughter, Linda Ruth Tosetti, believes might be from mustard — a favorite of her grandfather.

"I'm sure he had his hot dogs, and he needed to have them throughout the game," said Tosetti.

More than 90 years later, there's still no conclusive evidence on whether Ruth really predicted his home run or simply pointed at the Cubs' dugout before hitting it. But that hasn't stopped kids and collectors from reenacting the play.

"I think every kid that's played baseball has, you know, swung the bat, pointed to the bleachers and said, 'This next one is going over the wall,'" Ivy said.