Long Island, New York officials took on the renovation effort on the home a decade ago after purchasing the property for $975,000 (£650,000) and saving it from developers' plans to tear it down.
Organisers at Friends of the John Coltrane Home have raised $320,000 (£213,330) towards the goal of $1.5 million (£1 million) and the Smooth hitmaker is now working with Coltrane's son, Ravi, to help with renovation efforts and costs.
A statement from the guitar great reads: "The Coltrane Home is a beacon to anyone interested in jazz history, cultural history, African-American history, New York history and American history."
Santana, who released a Coltrane tribute album in 1974, has raised $30,000 (£20,000) towards the effort.
Coltrane died of cancer in 1967.