His death came less than three weeks since he took part, along with his band mates, in Black Sabbath's farewell gig, Back to the Beginning. Dozens of musicians, including members of Metallica and Aerosmith, performed at the Villa Park concert.
The event, which takes place ahead of a private funeral, will allow his family a chance to see the many memories his loyal fans have left alongside flowers and tributes, the council said.
Local musicians Bostin' Brass will accompany the procession.
Describing him as a "son of Birmingham", Iqbal said: "He put Birmingham on the map. He put Aston on the map."
He said he had stood in a queue to sign a book of condolence, where he had spoken to fans, and said: "The love they showed for Ozzy and his family was immense."
The city was proud to host the event, he said, and added he was grateful the family had offered to pay to enable it to happen.
People from as far away as Mexico, the USA and Poland have since travelled to the city to add to a sea of flowers and messages at the Black Sabbath Bridge.
One letter from Greece said: "To our king of metal, you were a light in the darkness, the most beautiful, humble, glorious madman. We were all so lucky. Thank you for the music. Without it, I'm not sure who I'd be."
Broad Street will be closed to traffic from 07:00 BST on Wednesday with trams and buses diverted throughout the day and will reopen as soon as possible after the event, a city council spokesperson said.
Osbourne and his fellow Black Sabbath band members Tony Iommi, Bill Ward and Geezer Butler were given the Freedom of the City in June, before the farewell gig.
The city council said it had worked "at pace" to coordinate the event in collaboration with the family, who had funded all of the associated costs.
People are encouraged to turn up early and the council said for those not able to make the event, the live stream of the Black Sabbath bench would continue to operate and could be viewed online.
Fans and members of the public who wish to pay their respects can also visit Birmingham Museum and Art Gallery, where a book of condolence is open, alongside the Ozzy Osbourne Working Class Hero exhibition, which was opened by Sharon Osbourne last month.
Other tributes in the city include the Black Sabbath Mural on Navigation Street; Ozzy the Bull at New Street Station, and The Crown pub - a recently-listed building that is globally recognised as the birthplace of heavy metal, where Black Sabbath first played in 1968.
Ali Zaman, who lives in Osbourne's former childhood home in Lodge Road, Aston, has created a dedicated email address for fans to send messages and said he had been "inundated".
His parents bought the property from Osbourne's father, he said, adding: "As he got famous, all these fans were coming down, and they realised they've got a problem."
Now Mr Zaman is gathering tributes to the rock icon and said the pictures and memories would be placed on a website and free for everybody to see.
Meanwhile, a petition to rename Birmingham Airport as Ozzy Osbourne International has gathered more than 46,000 signatures.
A spokesman for the airport said it would look at how it could celebrate Osbourne's heritage and contribution to the region.