Culture Secretary Lisa Nandy said the knighthood represented an "historic milestone".
"The first knighthood for a rugby league player is long-overdue recognition for a game that has contributed so much to our national life.
"This is the moment we right a historic wrong," she said.
Billy Boston, the former Wigan player, who has been living with dementia, is expected to be accompanied at the Palace by his family and representatives of his former club.
Investiture ceremonies often take place months after the honours have been announced.
But very unusually, and reflecting concerns about his health, Boston's knighthood is being awarded before the latest round of honours has been publicly announced.
Wigan Warriors' chairman Chris Brookes said: "I am absolutely delighted and so happy that Billy - and rugby league - has finally received the ultimate recognition his stellar career deserves."
Boston is one of the sport's legends, after winning three Challenge Cups and scoring 24 tries in 31 appearances for Great Britain. He has also been praised for helping to open doors for black players in the sport.
Brookes said Boston had scored 478 tries in 487 matches for the team - but had remained the "most modest of men" even though he was the "most revered player of our wonderful sport".
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