The Sky Bet Championship club said they would buy all the items for their new museum at Elland Road, which will be launched as part of their centenary celebrations.
North Yorkshire-based Tennants Auctioneers announced on Friday that the memorabilia, which includes four Scottish Football Association caps, plus European Cup and old Division One championship medals, will be going up for auction on November 24.
“After hearing this news, the club have been in direct discussions with the parties involved and will look to keep these treasured possessions within the Leeds United family by purchasing the items in question,” Leeds said in a statement on the club’s official website.
“Our intention is to house Peter Lorimer’s caps and medals in a museum at Elland Road, which will launch as part of our centenary celebrations.”
Leeds will celebrate their centenary next year. The club was formed in 1919 following the disbanding of Leeds City and they were elected to the Football League the following year.
Tennants Auctioneers said: “The collection represents a golden era of football in the late 60s and early 70s and is currently on display in Tennant’s Leyburn salerooms.
“Peter Lorimer is best known for playing for Scotland and for Leeds United, where he still holds the club records for being the youngest-ever player and the record goalscorer.”
Tennants’ specialist Kegan Harrison added: “It is a huge privilege to handle this unique collection from a boyhood hero and true footballing legend.”
Lorimer, considered one of Leeds’ greatest players, made 676 appearances in two spells for the club between 1962-1979 and 1984-1985 and scored 238 goals. He won 21 caps for Scotland.