The shirt is part of the rap mogul's Rocawear clothing line and commemorates the USTA National Junior Tennis and Learning network's 40th anniversary. Ashe co-founded the NJTL network in 1969.
Proceeds will benefit the NJTL and the Arthur Ashe Endowment for the Defeat of AIDS.
Ashe's widow, Jeanne Moutoussamy-Ashe, says she is "thrilled that someone of Jay-Z's stature would take part in this project."
Ashe will be inducted into the U.S. Open Court of Champions on Sept. 10.
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