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Seven Kerala all-rounders are also in the fray.
A report in Cricbuzz says Mallika Sagar, a Mumbai-based art collector consultant for Modern and Contemporary Indian art and partner in Art India Consultants firm, will oversee the auction.
The auction will be held in Mumbai on Monday.
Over her half-a-century career, Raitt has produced a steady stream of well-received work.
Hindenburg has a track-record of finding corporate wrongdoings and placing bets against the companies.
The 39-year-old iconic bowler played her last international match for India in a 16-run win over England.
Mandhana, a former top-ranked batter in ODIs, also jumped three slots to No. 7 after a match-winning 91 in the first ODI against England.
India defeated the English by 7 wickets with Mandhana top scoring 91 runs.
India put up an inept batting performance, scoring only 122 for eight
The 53-ball unbeaten 79 from Mandhana was enough for India to chase down 142/6 from England for the loss of just two wickets and with 20 balls to spare.