Thousands of people are expected to line Southampton Water later to wave off the QE2 for the final time.
The QE2 has run aground coming into Southampton on its final ever call, owner Cunard has confirmed.
The Duke of Edinburgh will lead the farewells, which will include a fireworks display and fly-past.
The liner ran aground at Brambles Turn near Calshot with three tugs attached to her stern. A fourth tug is trying to secure a line to the ship's bow.
The 40-year-old liner is being taken out of service next month and turned into a floating hotel in Dubai.
Eyewitnesses suggested it may have run aground - blown by strong winds.
It will be Prince Philip's seventh visit to the vessel, which was launched by the Queen on Clydebank, near Glasgow, in September 1967.
Thousands of people were due to line Southampton Water later to wave it off. The Duke of Edinburgh was to lead the farewells, including a fly-past.
The QE2 will dock at Southampton at 0630 GMT and leave at 1915 GMT.
Island home
Well-wishers are being advised to arrive early to catch a glimpse of the liner. Extra bus and ferry services will be provided.
At 1100 GMT, a million poppies will be dropped from a Tiger Moth aircraft over the QE2 to mark the 90th anniversary of the Armistice.
Following a two-minute silence, Prince Philip will meet crew members who travelled on the QE2 when it was used as a troop ship in the Falklands War.
After the QE2 slips its moorings for the last time from its home port, a pre-recorded message from its master, Captain Ian McNaught, will be broadcast on a specially-erected screen in Southampton's Mayflower Park.
The liner has sailed nearly six million nautical miles, gone around the world 25 times, crossed the Atlantic more than 800 times and carried more than 2.5 million passengers.
The QE2 will be handed over to the Nakheel company, part of Dubai World, when it reaches Dubai on 26 November.
The firm is behind the Palm Jumeirah, the largest man-made island in the world.
Over the next few months the ship will be refurbished before taking up a permanent docking on a berth on the Palm Jumeirah.