The early afternoon ceremony is to be held at the Greater Victoria Public Library.
The short story maven, who is based in Victoria, is expected to join Royal Canadian Mint COO Beverley Lepine and library CEO Maureen Sawa at the event.
Munro, 82, will be honoured with a new, silver collector's coin.
In October, she became the latest laureate of the Nobel Prize in Literature, becoming only the 13th woman to take the award since its launch in 1901 and only the second Canadian recipient.
The Swedish Academy, which administers the Nobel Prizes, hailed Munro as the "master of the contemporary short story."
Originally from Wingham in southwestern Ontario, Munro has also been dubbed Canada's Chekhov. Her stories are striking portraits — most often of women living in small towns — and revolve around epiphanies encountered by her characters, often when current events illuminate something that happened in the past.
Citing poor health, Munro sent her daughter Jenny to Stockholm to accept the Nobel Prize on her behalf in December.