A canvas by the Spanish master worth more than one million euros ($1.1 million) is to be raffled off for charity.
Anyone buying a 100-euro ticket in the international draw has a one-in-200,000 chance of winning a still life of a stylised glass of absinthe and a newspaper Picasso created in 1921.
The draw, whose proceeds will go to the charity CARE to combat poverty in Africa, was launched at the Picasso Museum in Paris Tuesday.
The last time the organisers held one, six years ago, Picasso's "Man with Opera Hat" was won by a 25-year-old Pittsburgh fire safety official, Jeffrey Gonano, who was looking for something to decorate his home.
The five million euros raised went to help preserve ancient city of Tyre in Lebanon.
"Art and charity usually come together at gala dinners, where a few [wealthy] people fork out millionaire sums for a painting," said Peri Cochin, the French television producer behind the draw.
She hopes to raise up to 19 million euros for CARE from the new raffle: 50,000 people -- mostly from the US, Britain, Mexico and Brazil -- took part in the last draw.
The painting this time comes from the billionaire Lebanese-born collector David Nahmad, who has one of the biggest private collection of Picassos in the world.
He will get one million euros from the draw with the rest going to the charity.
Picasso Museum director Laurent Le Bon said the painting comes from a period when Picasso "synthesised the realist and cubist currents" of his work.
It is a painting "that makes people think and dream", he told AFP.
The draw, which is being run through the 1picasso100euros.com website, will take place in Paris on January 6.