A jersey worn by basketball star Michael Jordan while representing the United States “Dream Team” at the 1992 Olympics has been sold at auction for $US3.03 million ($A4.65 million).

The US basketball team brought together some of the best players of all-time, including Jordan, Larry Bird and Magic Johnson, when NBA players were first allowed to compete at the Olympics, with the US easily winning the gold medal in Barcelona.

The particular jersey worn by Jordan in the semi-final round against Lithuania was included in an auction featuring signed jerseys from all 12 members of the team.

Another jersey worn by Jordan during the opening game of the 1998 NBA Finals was sold at an auction in September for over $US10 million ($A15 million), setting a new record as the most expensive piece of game-worn sports memorabilia in history.