On Friday the Council of Ministers suggested amendments to the decree which governs the titles of the royal family, proposing that the monarch and his consort will still be known as King Juan Carlos and Queen Sofía.
The new official text for the decree will be written on Monday in a meeting chaired by Prime Minister Mariano Rajoy and attended by the Council of Ministers.
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King Juan Carlos and Queen Sofía are expected to keep the titles of king and queen
When the base text has been written it will then be presented to congress who will decide the outcome in a vote on 26 June.
Felipe will be joined by his wife Letizia and their two daugthers Leonor, eight, and Sofía, seven, at the Congress of Deputies in Madrid, but it is believe that his mother and father will be absent.
From left to right: Princess Letizia, Prince Felipe, Queen Sofía and King Juan Carlos
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.
King Felipe and Queen Letiziawill 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.