The official announcement is due to be made live on television by Maria Miller at 07:45 this morning.
Leicester is up against three other cities - Hull, Swansea Bay and Dundee.
Local band Kasabian sent Leicester's final bid on its way at the end of September.
It has been estimated that staging a year of events would cost between £10 and 12 million. The City Council will try to raise the money from private investment and sponsorship - but they have pledged to make up any shortfall from public funds.
If Leicester win, the financial returns could be massive. Liverpool was crowned European Capital of Culture in 2008, which brought in £800 million in economic benefits.
The other contenders:
In Scotland, Dundee's Contemporary Arts centre will join a brand new V and A design centre on the waterfront to consolidate its bid.
Hull's annual Freedom Festival is at the centre of its plans coupled with attractions like the Maritime Museum and the Deep aquarium.
Swansea Bay's campaign includes events in the newly-restored Hafod Copperworks, plus a scheme to re-introduce the Mumbles Train.
The discovery of the remains of King Richard III under a council car park has already given the city a taste of national and international attention. But, is it enough?
The city will find out the result very soon.
To read more on Leicester's bid, click here.