Kejriwal and Manish Sisodia said the announcement will be made at a function in the Constitution Club here tomorrow morning.
The vision of the party, Constitution and selection of members and candidates will be stated at the function, coinciding with Gandhi Jayanthi.
An internal Lokpal will also be appointed by the party to probe cases of impropriety. The name of internal Lokpal, a retired judge, will also be announced tomorrow.
Ahead of the announcement, Kejriwal and Sisodia met Anna Hazare who is in the city to chalk out his future course of action with regard to an apolitical anti-corruption movement.
Hazare has been opposed to the movement turning political and parted ways with the pro-party group led by Kejriwal on Sept 19 after a meeting here.
The veteran activist had attacked the Kejriwal-led group, saying they had not responded to his questions on how to present a political alternative to the people in the fight against corruption and dubbed the path of politics as one "full of dirt".
Kejriwal earlier said they were not entering politics to acquire power as politics is yet another tool for strengthening of the anti-graft movement.
The proposed party is likely to first test its strength in Delhi Assembly polls next year, skipping this year's Assembly elections in BJP-ruled Gujarat and Himachal Pradesh.
Earlier, the Kejriwal-led group had decided to form a preparatory committee consisting of 80-100 members, including some retired judges, to chalk out the details of formation of the party.
It was also decided that an internal Lokpal, having retired judges as its members, will be constituted to ensure internal discipline within the party. The preparatory committee, however, was not formed despite the plan of having its first meeting on Aug 26.