An 11 mile stretch of canal between the Brayford Pool and Torksey will be sold at auction.
It is believed to be the oldest man-made waterway of its kind and was built by the Romans in AD 120.
The Channel Navigation of the Fossdyke Canal was built to provide an important link between the River Witham and the River Trent.
It has a guide price of £200,000 for the Fossdyke Navigation, which will be hosted by Acuitus Auction on Thursday July 11 at The Montcalm Hotel in London.
When the new owner takes over they would achieve £9,500 in rent each year.
The tenancy for the Canal and River Trust has been open from 1846 and will finish in 2740, so for a total of 894 years.