He will be making the official announcement in front of a rally of supporters in Hyde Park with Bernie Sanders presidential chair and former Sen. Nina Turner.
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Green said he wants to be the youngest mayor of Chicago.
He also ran in 2018 before pulling out of the race later that year.
Green helped organize demonstrations after the Laquan McDonald police shooting tape went public.
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Seven other candidates, including Mayor Lori Lightfoot, have announced their mayoral run.
RELATED: Chicago mayor election: Lori Lightfoot officially begins reelection campaign
Roderick Sawyer became the second city council member to announce a mayoral run earlier this month, joining 15th Ward Alderman Ray Lopez. He was also the sixth candidate overall to announce a run, joining businessman Willie Wilson, state Rep. Kam Buckner, former CPS CEO Paul Vallas and Frederick Collins, a veteran Chicago police officer.