After receiving the degree at the graduation ceremony of the De Montfort University, Bachchan will address thousands of fans at the Walkers Stadium.
Leicester Mercury, a local newspaper, has announced contests with lucky winners getting the chance to meet the Indian superstar and ask him questions.
The university is awarding the Honorary Doctor of Arts to Bachchan in recognition of his long and distinguished career in films. The university attracts a considerable number of students from India every year.
A university spokesperson said: "Our graduation ceremonies are the highlight of the academic year, when we celebrate the success of our graduates.
"Amitabh Bachchan is a well-known figure in the creative industries and his energy and professionalism will be an inspiration to our graduates and students across the board, and especially to those wishing to pursue careers in this sector."
At the Walkers Stadium, the venue of premiership football matches and the home of Leicester's football team, Bachchan will round off an under-14 football tournament watched by thousands of fans.
Keith Vaz, Leicester East MP, told the media: "I am delighted that De Montfort University will be the first in the UK to award an honorary degree on Amitabh Bachchan. I'm also thrilled that Mr Bachchan will be coming to meet the community at this very special event. I hope people will respond positively."
Chief executive of football club Tim Davies said: "Leicester City Football Club is proud of its role within the local community. We have a great many fans of South Asian descent and the club is proud to have them as supporters.
"Amitabh Bachchan had the courage to break into a massively competitive career and make himself a huge star. I hope that through hard work and dedication to the beautiful game that some of our young fans can do the same."
Leciester has several cinema halls exclusively showing Indian films. Local authorities have set in place policies and structures to invite Indian producers to film and carry out post-production work in Leicester.
Several Indian films have recently been shot in the county.