Ferrari clubs from France and Italy are to gather outside Grenoble hospital in the morning.
Michael Schumacher’s family earlier thanked fans for their “great support” and described the German as a “fighter”.
The most successful F1 racer in history is in a medically induced coma after a skiing accident in the French Alps.
Michael Schumacher remains in a stable but critical condition, his manager has said.
The German had been skiing off-piste when he fell and hit his head last Sunday. His helmet cracked on impact after hitting a rock.
Doctors confirmed on Tuesday that Michael Schumacher had shown signs of improvement, but was still “not out of danger”.
They ruled out giving a prognosis for his condition in the coming days and months.
But it is medically possible for someone to spend several weeks in an induced coma and fully recover from it.
Michael Schumacher’s former driving team, Ferrari, said buses had been organized to transport the Italian and French fans to Grenoble for the tribute.
They are expected to arrive on Friday morning.
Ferrari spokesman Renato Bisignani said people were being encouraged to dress in red and bring flags, as “a sign of closeness to Michael Schumacher, done in a very respectful way”.
But the spokesman insisted that the event was not about promoting the Ferrari brand or its clients.
“We will make sure we remain sensitive at this difficult time,” Renato Bisignani said.
International messages of support have been pouring in for the popular race driver.
On Thursday, Michael Schumacher’s family thanked “people from all around the world who have expressed their sympathy and sent their best wishes for his recovery”.
“We all know he is a fighter and will not give up,” the family said in an online statement.
Michael Schumacher retired from F1 for a second time in 2012.
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