This gold-brocaded, burgundy garment seems fit to be worn by the gods themselves.

The vest of the archmagi is legendary. It fills the dreams of every apprentice sent to clean the inkpots and dust the tomes, but rumors of this item are unfounded. Whispering in the bunkrooms of the Academy at night, after the oil lamps are quenched and curfew has long passed, eager apprentices claim that a vest of the archmagi provides its wearer with continuous defensive bonuses equivalent to the most potent bracers of armor (+8 armor bonus to AC) and cloak of resistance (+5 resistance bonus on saving throws).
It is also said that the vest provides its wearer with the continuous ability to overcome the magical defenses of her enemies (+2 enhancement bonus on caster level checks made to overcome spell resistance), and that it allows him to recall up to three arcane spells that he had previously prepared and cast (as a pearl of power, except that it can be used for any spell up to 9th level and activating it requires only a swift action).
Finally, it is suggested, the wearer of the vest of the archmagi could expend a prepared arcane spell or spell slot to heal himself of damage equal to five times the level of the spell so expended. This act requires but a moment’s thought (a swift action), and can be repeated as often as desired throughout the day.
Sadly, these stories obviously have no basis in reality, for such an item would undoubtedly be prized above all others by any mage with the resources to craft one. Of course, as a thing of myth, the vest of the archmagi can’t be created. But if it could, it might possibly have the following prerequisites and costs.

Prerequisites: Craft Wondrous Item, wish.
Cost to Create: 100,000 gp, 8000 XP, 200 days.