It follows the departure of Councillor Mary Durkan from the seat.
A front runner is Lilian Seenoir-Barr.
She stood for the party in the 2019 council elections but failed to get elected even though she got 720 first preference votes.
Miss Seenoi-Barr, who came to Derry as an asylum seeker from Kenya, also found the North West Migrants Forum in 2012 to help others after experiencing the isolation many migrants and asylum seekers face.
The SDLP say the selection meeting will be held digitally due to Covid-19 restrictions.
“We will issue a statement following the convention with details of the new councillor,” said a party spokesperson.