Liam Gallagher used the instrument on hits Wonderwall and Champagne Supernova before throwing it out after recording in Monmouthshire in 1995.
The album defined the Britpop era and has sold more than 22 million copies.
Now Morning Glory’s engineer has sold the tambourine, which had a £300-£500 guide price, for £3,600 at auction.
“The tambourine was used during the recording of (What’s The Story) Morning Glory,” said Nick Brine, who was in charge of the sound on the record.
“It was pretty battered by the end of the session and was going to be thrown away. But I claimed it.”
The tambourine sold to an internet bidder at Hansons auctioneers in Derbyshire who wanted the “opportunity to own a slice of British rock history”.
“The price took my breath away, its musical pedigree proved irresistible to bidders,” said Hansons’ music memorabilia valuer Josh McCarthy
The band travelled to Rockfield Studio in 1995 to record the new album, where Nick was sound engineer.
It went on to be voted the greatest album of the last 30 years at the Brit Awards and one of the best-selling albums of all time while hit song Wonderwall was the first song from the 1990s to hit one billion streams on Spotify.
“That record means so much to so many people, it changed a lot of people’s lives,” said Nick, who has also worked with Coldplay, Bruce Springsteen and The Stone Roses.
“It’s the record I get asked about the most. That record just sums up the whole era and what music and bands were about.”
Nick added that the tambourine has also been used on records by Kasabian, Arctic Monkeys, The Verve and Seasick Steve.
The 44-year-old also sold two bespoke Oasis football shirts – one worn by Noel Gallagher in a charity football match – for £1,750 at the same auction after they were given to him following the recording session for the band’s Be Here Now album at Abbey Road in London.