The rare mini motor was modelled on a 1920s Alfa Romeo P2 and is highly detailed with black spoked wheels and hand operated steering.
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The replica, produced by French toymaker CIJ, is a faded dark purple colour with a brown interior and even comes with a brake lever.
It will go under the hammer on Friday at auctioneers Lacy Scott & Knight of Bury St Edmunds, Suffolk.
It’s not known where the model came from.
Embellished with the number two, it has now been cosigned by a Suffolk collector.
A specialist at Lacy Scott & Knight Oliver Leggett said: “This scarce model screams quality especially as it is approaching 100 years old.
“The attention to detail, the success of the real racing car and the scale of the model really contribute to its overall value.”
CIJ made Citroen and Renault toys before it ventured out and modelled the Alfa Romeo, hoping to cash in on its racing success.
Alfa Romeo is widely known to have dominated Grand Prix motor racing – until 1934, when the German Mercedes and Auto Union cars emerged.
The luxury Italian car manufacturer saw continued success in 1950 when Guiseppe Farina won the first Formula One drivers’ championship in an Alfa Romeo 158.
It comes after the world’s most luxury Jaguar went up for auction for £24,000 – and it comes fit with Swarovski crystals.
And a rare miniature toy car bought for just 50p was set to fetch a huge sum at auction.
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