The huge wheel attraction is to be sited at the the former Fun City on the Skegness seafront in time for Easter.
At 35 metres high, it is one of the tallest transportable attractions of its type currently available in the UK.
The 144-capacity attraction is set to operate from late March to mid-April, which includes the Easter holidays.
As well as bringing many tourists into the town, the attraction is expected to generate revenue for local businesses as well as promoting Skegness.
Jan de Koning, spokesman for The Giant Wheel Co. said; “We are
delighted to present this exciting new attraction to Skegness. Observation wheels are a proven popular attraction for people of all ages.
“It will become an instant landmark for everyone in the town, as well as giving people the chance to see the Lincolnshire coastline and surrounding area from an entirely new perspective.
“I’m confident it will be a big success and yet another reason why people should come and discover Skegness.”
The 24-pod wheel, which is silent when it spins, will open from Saturday, March 24, until Sunday April 15, opening daily from 11am to 10pm. It also includes one specially adapted gondola which allows access for wheelchair users.
It will be run by the Giant Wheel Company, which is based in Manchester and has a track-record of bringing similar attractions to cities across the UK.
The company will construct the attraction using a 80 tonne crane. It takes three days to build the wheel and two days to dismantle.
Journeys will take approximately ten minutes and a standard ticket will cost £5 with concessions for children and OAPs.