A life-sized sculpture of the singer and entertainer will be revealed in Town Hall Square at 13:00 BST.
It marks the end of a series of tributes to the star, including a heritage trail featuring blue plaques marking key locations in her life.
Fields was believed to be the most highly paid actress in the world in the 1930s.
Born in 1898, she made her first stage appearance in 1905 and went on to become a popular star of London's West End.
Her travelling performances for troops during World War Two led her to become known as "the forces' sweetheart".
She eventually retired to Capri in Italy, but never forgot her Rochdale roots and made frequent trips home to perform.
Fields was made a dame in 1979 a few months before her death aged 81.
A statue of the actress Dame Gracie Fields is to be unveiled later in her home town of Rochdale.