The parade was scrapped almost three year ago after complaints that intoxicated parade-goers were out of control.
Organizers earlier this week said the city had accepted their application for a permit under the condition that alcohol not be present.
"I am hoping that those who took the two year to three year pause have used the time to think about how to have a parade that honors their heritage and do it in a responsible way to the community in which they are having the parade," said Emanuel.
The mayor says the parade's organizers will have to work closely with the city's public safety committee.
If the permit is issued, the parade will resume on March 11.