Australian spin bowling legend Shane Warne's baggy green has become the most valuable cricket memorabilia in history. After the former Australian spin great announced on Monday that he would be auctioning off his iconic cap to raise fund for the victims who lost a lot of their belongings to the devastating bushfires in Australia, the bidding sky rocketed to new levels with bids reaching $275,000 in just two hours.

The current bid for Warne's cap has now surpassed the final auction price of the baggy green of cricket legend Sir Donald Bradman which was sold for $425,000 in 2003.

In a gliterring career which spanned over two decades, Warne played 145 Tests for Australia, picking up 708 wickets - 2nd highest in the world after Sri Lanka's Muttiah Muralitharan (800).

The final selling price of the cap could yet go even higher as the bidding is set to close at 10 am (AEDT) on Friday. After the bidding ends, Warne is also slated to award an autographed certificate to the highest bidder.

Warne's cap has not just surpassed Bradman's in terms of the auction amount but also zoomed past a number of other famous cricket memorabilia in the sport's history - notably the bat used by Mahendra Singh Dhoni in the 2011 WC final.