The momentous event, which was previously said to be taking place on 18 June, will be held at the Congress of Deputies in Madrid, although House Speaker Jesús Posada has said details of the schedule are not yet definite.
Following the proclamation, the new king and queen will then tour the city, greeting fans in the country's capital as they did ten years ago after their wedding at Madrid's Almudena Cathedral.
Prince Felipe and Princess Letizia will be proclaimed king and queen on 19 June
King Felipe and Queen Letizia will then head to the royal palace, opposite the cathedral where they married, for a reception. Royal watchers will be hoping that the new monarch and his wife will then make an appearance on the palace balcony.
According to reports, however, the historic occasion will be a low-key affair and no foreign royals have been invited to the ceremony due to its late notice.
The proclamation itself will apparently be a secular proceeding, with a military procession in front of Spanish politicians.
The proclamation will take place at the Congress of Deputies in Madrid
Prince Felipe has requested an austere ceremony that is more appropriate in the context of Spain's financial situation. Some news outlets have also claimed that the low-key nature of the proclamation may mean that King Juan Carlos will not attend.
On 3 June the governing body of Spain revealed that a draft law, which will allow the abdication of King Juan Carlos, will be approved first by the Congress this week, and then by the Senate, most likely on the eve of the proclamation.
The draft law should be put into place around 17 June to allow for the proclamation of Felipe as the new king of Spain to take place on Thursday.