A gold lion-head ring with diamond eyes which belonged to Elvis is expected to fetch up to £35,000 at auction.

The ring is stamped 14k gold and is accompanied by an Elvis Presley Museum certificate of authenticity, signed by the star’s friend, Jimmy Velvet.

Elvis, who was known as the King of Rock and Roll, is said to have been attracted to the lion symbolically as it is “King of the Beasts” and regarded as a sign of strength.

A statement accompanying the ring says it was worn by Elvis in 1972 until he dropped it on the floor and one of his Memphis Mafia members accidentally stepped on it.

The ring is also accompanied by a second certificate of authenticity which states that the King was at home in Graceland, talking with family and friends, when the accident happened.

“As he talked, he would play with his rings, slipping them on and off his fingers,” it says.

“At one point, this ring slipped off his finger and rolled on the floor.

“Before the ring could be picked up, Lamar Fike, a member of Elvis’ Memphis Mafia, walked into the room and stepped on to the ring.

“After Elvis finished what he thought of his oversized feet and body structure, he picked the ring up and saw that the band was bent.

“Elvis handed the ring to his cousin and told her to have the ring fixed. He told her that she could keep the ring if it couldn’t be fixed.”

The ring was not repaired and is now being sold at auction by Henry Aldridge & Son in Devizes, Wiltshire.

Auctioneer Andrew Aldridge described the sale as “an exceptional opportunity to own an exceptionally rare piece of Elvis material”.

He said it was the first time the ring had been offered for sale at auction.

It will go under the hammer on Saturday.