The dynamic politician will be the youngest chief minister in history to take over the state.
Earlier, speculation were rife that Samajwadi Party supremo, Mulayam Singh Yadav will take over the office, but strong voices also opined that Akhilesh be the chief minister after the party's whopping win by a majority of 224 seats in the 403-member Assembly.
The oath taking ceremony will be held at Lamartinere college ground, Lucknow.
Top political figures like L K Advani, former chief minister of Andhra Pradesh Chandra Babu Naidu, Janata Dal (United) president Sharad Yadav are expected to be present during the oath taking ceremony. The list also includes the likes of Bollywood star Amitabh Bachchan, industrialist Anil Ambani including a host of VIPs.
UPA's ally, Trinamool Congress chief and West Bengal chief minister Mamata Banerjee and Tamil Nadu CM Jayalalitaa who were sent an invitation are unlikely to attend the ceremony.
After Akhilesh's swearing-in, other SP MP's are also expected to take the oath of office. Azam Khan and Shivpal Yadav are sure to take the oath, said party insiders.
The swearing-in is slated to take place at 11.30 am following which Akhilesh Yadav will leave for the CM office at Annexe. He will later address the media at 5 Kalidas Marg, the official residence of the Chief Minster.