Guidelines for magic items that grant feats are provided by the Arms and Equipment Guide…
To summarize the Arms and Equipment Guide sidebar Magic Items that Grant Feats (128), a magic item that grants a feat costs 10,000 gp plus from 5,000 to 10,000 gp per prerequisite possessed by the feat that's being granted. Thus a magic item like a magic sword that grants the bearer the feat Great Cleave (Player's Handbook 94) would cost 10,000 gp plus an additional 20,000 to 40,000 gp for that feat's prerequisites of a Strength score of 13, a base attack bonus of +4, and the feats Cleave (92) and Power Attack (98)… plus, of course, the price of the magic sword itself.
That is, ultimately, the DM determines the value of the Great Cleave feat when it's granted by a weapon, but the guidelines say that a weapon that grants the feat should be at least the price of the masterwork weapon plus 2,000 gp for the weapon's +1 magical enhancement bonus plus at least 30,000 gp. Although the Arms & Equipment Guide doesn't come right out an say so, this reader's always assumed that a magic item that grants a feat allows the bearer to realize the feat's benefit without also meeting the feat's prerequisites. (This reader assumes that's why prerequisites must be paid for.) However, ask the DM.
For comparison, both the sylvan scimitar (Dungeon Master's Guide 229) (47,315 gp; 4 lbs.) and the rankbreaker glaive (AE 114) (32,308 gp; 10 lbs.) grant their wielders the Cleave feat at an extrapolated price of probably 20,000 gp. This DM figures going straight to the feat Great Cleave must be prohibitively expensive or magic craftsmen would've standardized such a feature, so pricing a feature that allows a wielder to use the feat Great Cleave at 40,000 gp to 50,000 gp isn't unreasonable in context.
(By the way, out of context that price is totally unreasonable: The feat Great Cleave is worth 50,000 gp only to warriors who consistently find themselves facing stacks of largely insignificant foes… which, to be clear, could very well be the nature of your campaign. In my experience, though, that surrounded-by-endless-hordes problem is usually solved way better by the wizard than by the warrior… even a warrior with a +1 great cleaving sword.)
…Or just stick a wand in that sword
Instead of taking an everyday magic weapon and spending upwards of 30,000 gp to add to it the feature that the weapon's wielder gains the benefit of the feat Great Cleave, consider instead adding to even a mundane weapon a wand chamber (Dungeonscape 30, 34) (100 gp; 0 lbs.). That accessory allows a wand to be tucked into the weapon and the weapon's wielder to use that wand as if she were wielding it. That wand could be a wand of heroics [trans] (Spell Compendium 113) (2nd-level spell at caster level 3) (90 gp/charge). A wielder who can activate the wand can gain for 30 min. the feat Great Cleave if she already meets the feat's other prerequisites. (This DM doesn't allow a creature to benefit from multiple castings of the heroics spell, but another DM may rule differently; also see this question.)