FORMER Essendon chairman Paul Little has bought AFL legend Ron Barassi's entire collection of rare sports memorabilia and wants to put the items on public display.

Over 500 items, which were due to be auctioned on Sunday, have been snapped up by Little. 

Little said he was now in consultation with the AFL to have the collection preserved.

"Ron is a great friend for whom I care and respect immensely and his unique, more than half-century long, sporting and public legacy is something I wanted to secure forever," Little said in a statement on Monday. 

"In discussions with the AFL, they have offered to assist in finding an appropriate home for this highly significant collection. 

"Should the AFL acquire Etihad Stadium, it is possible a suitable location could be found at this home of Melbourne football to place the collection on permanent display."

Barassi expressed his gratitude to Little after he purchased the whole lot prior to auction. 

"I’m thrilled and honoured that my good friend, Paul Little, has so generously seen fit to keep my collection together for public display," Barassi said.

Barassi played 254 games for Melbourne and Carlton, before coaching a further 515 matches, winning six premierships as a player and four as coach.

The collection included Barassi's famous No.31 Melbourne jumper from 1964, his 1964 VFL premiership medal and a pair of boxing gloves signed by sporting great Muhammad Ali.