The Mayor of London, Boris Johnson, will also be in attendance for the announcement. Initial glimpses of the branding suggest the scheme will be known as Santander Cycles.
The Spanish bank will take over the sponsorship from Barclays from 2016. The brand fought off Coca-Cola to win the bid, which is thought to be worth approximately £7m a year.
Ahead of a formal statement from Transport for London this morning, The Guardian has speculated the currently blue bikes will be painted red as part of the seven-year partnership deal. Barclays was originally set to continue its deal with the Mayor until 2018, but pulled out early.
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