The Walking Piano, created by Philadelphia artist Remo Saraceni, was sold to Joseph and Janet Shein shortly after the release of the movie, which featured Hanks and Loggia playing "Chopsticks" and "Heart and Soul" on the instrument, The Philadelphia Enquirer reported Monday.
The Sheins said they decided to donate the piano after the museum moved to its new location last fall.
"We love this piece," Joe Shein said. "We felt it was a new direction for electronic sculpture."
The museum said the piano will be unveiled to the public in February.