City council leader Warren Morgan announced the plans after the Seagulls secured promotion to the Premier League with a win over Wigan Athletic.
Players, managers and staff will join the parade along the seafront on 14 May which will precede a civic reception.
There will be extra cause to celebrate if Brighton beat Norwich City on Friday and win the Championship.
Councillor Morgan said: "I'm elated and relieved. We are finally there. It's been a long road since relegation from the top flight in '83, and a hard one since the end of the Goldstone era twenty years ago.
"We wouldn't be here now if it wasn't for Dick Knight, Martin Perry, Tony Bloom and all the fans who fought to keep the Albion alive and into our new home at Falmer. Thank you.
"Speaking as council leader, promotion to the Premier League could mean an economic boost for the city running into the hundreds of millions, and puts Brighton & Hove on the sporting map globally. But as a lifelong fan, all that matters to me is that we are going up.
"Chelsea, Liverpool, Spurs, Man United and Palace; we're on our way. And we've got Anthony Knockaert."
The promotion came 34 years after the club reached the FA Cup Final but were relegated.
The parade is likely to start at around 17:00 BST with the council and club working to finalise plans.
Newly promoted Brighton and Hove Albion will be celebrating with an open-top bus tour through the city.