Some of the big pieces will arrive by boat. Four large cranes will be used to lift those parts into place.
The new Ferris wheel will be 196 ft. tall - 50 ft. taller than the old one - and offer longer and more comfortable rides.
The new wheel is being installed as part of Navy Pier's centennial celebration. Officials said it is set to debut Memorial Day weekend.
Chicago's ties to Ferris wheels go back to the first one, which was built for the 1893 World's Columbian Exposition in the city.
Navy Pier's previous wheel was installed in 1995 and provided more than 16.9 million rides during its 20-year history.
The Associated Press contributed to this report.