Artist Gareth Malham came up with the idea after watching an episode of the Simpsons in which Bart makes a similar transaction.
The 26-year-old, from Newcastle-upon-Tyne, posted an advert on the eBay site and his soul was bought by a man from Oklahoma in the US, for £11.61 ($16.95).
Mr Malham said the buyer wanted a new soul as he had lost his own in a bet over a game of air hockey.
Members of the clergy have dismissed the sale as "dangerous".
Mr Malham, who lives in Byker, said he would sign over his soul by writing a legal document in his own blood when he receives his cheque.
Originally from York, he graduated in photography, video and digital imaging from Sunderland University last year.
He works part time in the university's photography department and began selling possessions on the internet when he became short of money.
It was then he decided to sell something less tangible than old videos or computer games.
Poor profit
He said: "I don't think I'm really selling my soul, I believe my soul is me.
"I'm more interested in the fact someone wanted to buy it.
"I'm playing with the idea of marketplaces and the fact that people will sell anything nowadays."
However he admitted he would not become rich with his ploy - and said by the time he had paid for post and packing of his "soul" document he would barely make a profit.