Huddersfield beat Reading 4-3 on penalties after a 0-0 draw at Wembley Stadium in Monday's Championship play-off final.
It is the first time the Terriers have been in the top division since 1972.
The parade is due to leave the John Smith's Stadium at 17:40 BST and arrive in St George's Square by 18:20.
Some roads are to be closed in the town from 12:00.
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David Wagner and the first team squad are to travel from the stadium via Northumberland Street.
In St George's Square the team are to be presented on a stage to the assembled crowd.
Success in the play-off game will be worth a minimum of £170m to the club and there will be other benefits to the town.
Steven Leigh, of the Mid Yorkshire Chamber of Commerce said: "The cash injection into the football club and the economic benefit to the local economy to the tune of £50m to £60m per annum will be tremendous for local business.
"The global exposure is a unique opportunity for the town to attract inward investment on an extraordinary scale."
Dean Hoyle, Huddersfield Town chairman, said: "When I took over in 2009, it has got harder and harder. Every year we are competing with some real big boys.
"But with an open mind it can be achieved, though I never thought it would be possible. It proves dreams can come true."
The 2017-18 Premier League season - complete with Huddersfield Town - starts on 12 August.
There will be coverage of the victory parade on BBC Radio Leeds and BBC Look North.
Thousands of fans are expected to see Huddersfield Town's victory parade to celebrate promotion to the Premier League.