Thousands took part in the inaugural walk last year.
And the McGuinness family are hoping for another huge turnout to raise funds for the Foyle Hospice and the intensive care unit at the local Altnagelvin Hospital.
Mr McGuinness died on March 21, 2017. He was aged 66.
The walk begins at Ebrington Square on the Waterside at 1.30 pm and finishes beside the Ryan McBride Brandywell Stadium.
Fiachra McGuinness, the son late deputy first minister, said: “Last year was a very emotional experience for us as a family to see so many people turning out to remember our father and raise funds for the North West Cancer Centre.
“Once again, local charities will benefit from the walk so people can still register and donate even if they can’t make it on the day.”
Foyle Hospice chief executive Donall Henderson said his organisation was pleased to be chosen along with Altnagelvin’s intensive care unit as a beneficiaries of this year’s Chieftains Walk.
“We’d like to thank the family and organising committee for choosing Foyle Hospice and hope that all participants have an enjoyable day,” he said.