The Martin McGuinness Peace Foundation said this year’s walk would be formally launched on Sunday on what would have been the former Sinn Féin politician’s 71st birthday.
Mr McGuinness died in March 2017 after a battle with cancer.
The walk was first held in 2018, on the first anniversary of Mr McGuinness’s death.
Thousands took part in the walk from Derry to Grianan of Aileach fort in Co Donegal.
The 2019 event took place within Derry city.
However, last year’s event was delayed until September with only Mr McGuinness’s immediate family taking part because of the coronavirus crisis.
Organisers had also postponed this year’s event due to the pandemic but have announced that it would now take place on August 15, the Feast of the Assumption of the Blessed Virgin Mary.
It is typically also marked by bonfires in some areas of Derry as well as the culmination of the annual Gasyard Féile.
A spokesman for the Martin McGuinness Peace Foundation said: “We are glad to see things beginning to re-open after what has been such a difficult time.”
He added that final arrangements would be kept under consideration in line with public health guidance.
“For now, we are able to plan for August 15.
“We are urging anyone who wishes to take part in the walk or support the foundation to sign up at: http://register.enthuse.com/ps/event/Chieftainswalk2021