Solene Laine, the auctioneer said the auction is being postponed because she and her seller "perfectly understand the excitement caused by this sale among the Senegalese."
Negotiations with Senegalese authorities will be held over the next few weeks with hopes to find "common ground," Laine added.
Laine said the Senegalese state wanted to acquire Senghor's portfolio, which is currently owned by a private individual.
If an agreement cannot be reached over the direct sale of Senghor's possessions to Senegal, the organizers said an auction will be held in December.
Among the items which were to be auctioned in Caen is Senghor's military jewelry and decorations.
Rings, bracelets, pendants and watches were listed as part of the collection.
Prior to the scheduled auction, Senegal's President Macky Sall asked his culture minister, together with the West African nation's embassy in Paris, to conduct "appropriate discussions" with Laine.
Senghor, a poet, writer and professor before he became president, was a champion of the "Negritude" movement founded in the 1930s with Aime Cesaire and Leon Gontran Damas.
The Senegalese leader fought for former colonial power France during World War II and was the first African to be admitted to France's Academie Francaise.
Senghor died in France at the age of 95 after leading Senegal from 1960 to 1980.