The picture features the outline of the late singer`s face, with the word "ladylike" next to it, and is expected to fetch between ё50,000 and ё80,000.
The painting is one of a number being auctioned by singer Pete Doherty - a close friend of Amy - alongside examples of his own work, which also feature paintings made with his blood.
Of his friend`s portrait he said: "Amy was on the phone to her dad when she did that [painting]. She said, `Dad, I`m with Pete and he`s making me draw with my blood!` He didn`t like me much, her dad."
However, Amy`s father Mitch has denied she created the painting with her blood.
He tweeted: "Do you believe that Amy painted that picture in her blood? Absolute rubbish."
The auction will take place at the Cob Gallery in London where Pete`s work has been on display.
Amy`s painting was previously displayed but not part of an earlier sale "due to its personal nature".
Pete has previously told of his upset at Amy`s passing from accidental alcohol poisoning in June last year, although he also calls it an inspiring time.
He said: "When Amy died I was sat in a room, a matchbox room in London, not able to leave, basically wallowing in my own filth. Literally knee deep in s**t. Literally not able to move.
"I couldn`t speak, I couldn`t see anyone, I couldn`t pick up the guitar, and when I did pick up the guitar it was to write woeful ballads about how Amy wouldn`t be coming around tonight. It was an inspiring time."
Other items Pete is auctioning next week include military jackets, notebooks, and his writing desk.
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