Ferrari clubs from France and Italy are to gather outside his hospital in the French city of Grenoble in the morning.
Schumacher's family earlier thanked fans for their "great support" and described the German as a "fighter".
The most successful F1 racer in history is in a medically induced coma after a skiing accident in the French Alps.
He remains in a stable but critical condition, his manager has said.
The German had been skiing off-piste when he fell and hit his head last Sunday. His helmet cracked on impact after hitting a rock.
Doctors confirmed on Tuesday that Schumacher had shown signs of improvement, but was still "not out of danger".
They ruled out giving a prognosis for his condition in the coming days and months.
But it is medically possible for someone to spend several weeks in an induced coma and fully recover from it.
Ferrari, Schumacher's former driving team, said buses had been organised to transport the Italian and French fans to Grenoble for the tribute.
They are expected to arrive on Friday morning.
Ferrari spokesman Renato Bisignani said people were being encouraged to dress in red and bring flags, as "a sign of closeness to Michael Schumacher, done in a very respectful way".
But the spokesman insisted that the event was not about promoting the Ferrari brand or its clients.
"We will make sure we remain sensitive at this difficult time," he said.
International messages of support have been pouring in for the popular race driver.
On Thursday, Schumacher's family thanked "people from all around the world who have expressed their sympathy and sent their best wishes for his recovery".
"We all know he is a fighter and will not give up," the family said in an online statement.
Michael Schumacher retired from F1 for a second time in 2012.
He won seven world championships and secured 91 race victories during his 19-year career.
The driver won two titles with Benetton, in 1994 and 1995, before switching to Ferrari in 1996 and going on to win five straight titles from 2000.
He retired in 2006 but managed to recover and made a comeback in F1 with Mercedes in 2010.
After three seasons which yielded just one podium finish, he quit the sport at the end of last year.
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