Nigel Boocock, from Yorkshire, competed in 748 matches for Coventry Bees in 18 consecutive seasons in the 1960s and 70s.
Known as "Little Boy Blue" because of the colour of his leathers, Boocock died in Australia last April.
The service will see 1976 champion Peter Collins ride around the track in Brandon with Boocock's grandson, Jack, holding his ashes.
Tony Gillas, a former Bees rider and now chairman of the Speedway Control Bureau, said Boocock entertained hundreds of thousands of people, and regularly rode for the England team.
"Nigel will always be Mr Coventry Speedway," said Mr Gillas. "He put his heart and soul into Brandon and entertained so many people... we wanted to do something like this."
BBC Coventry and Warwickshire's speedway correspondent, Wayne Roberts, said Boocock was unsurpassed and arguably "the best rider ever".
Boocock's son, Darren, and Darren's wife Sharon were killed in a road collision in 2008 when their Triumph motorcycle collided with a lorry.
The ashes of "Mr Coventry Speedway" are being interred at the club's track.