Farrah was the sex symbol of her time and the most recognizable image of the 1970s, reports the BBC.
She had worn the swimsuit in a popular poolside poster - shot by photographer Bruce McBroom - in 1976, which apparently sold millions of copies.
At the time Fawcett was aged 29 and was said to have liked wearing the one-piece because it covered a scar she got as a child.
The late star's partner Ryan O'Neal is also handing over copies of scripts for the first season of Charlie's Angels and a 1977 Fawcett doll.
Other items O'Neal will also donate to the US institution include a Fawcett swimsuit jigsaw puzzle, a special 1976 edition of TV Guide featuring the actress, and a Farrah Glamour Centre hairstyling toy.
The screen star died in 2009 at the age of 62. She had been suffering from cancer. (ANI)