Sinn Fein have stressed the meeting is not a celebration of the Jubilee.
There has been speculation since the Queen's momentous visit to Ireland in May last year that a senior Sinn Fein figure would meet her at an event.
Martin McGuinness, a former IRA commander, was always the candidate to shake the Queen's hand but delicate talks have been going on for months to arrange a suitable venue and occasion.
Sinn Fein president Gerry Adams said the decision had been taken after consulting with grass roots support and allowing the party's ruling council, the ard comhairle, to decide at a four hour meeting in Dublin.
– Gerry Adams
This will understandably cause difficulties for some republicans and nationalists.
Especially for those folks who suffered at the hands of British forces.
Sinn Féin's Martin McGuinness will meet the Queen next week and shake hands in an historic first for the Northern Ireland peace process, the party has confirmed.
The Deputy First Minister at the Stormont executive will attend a cross border event in Belfast on Wednesday, which the President of Ireland, Michael D Higgins, will also attend.