A presentation at The Cloud will start at 6.30pm but the waterfront venue will open to the public for the free event from 4pm.
Fans will be able to cheer the cricketers but event organiser Ateed expected the Black Caps to thank the public for their support.
A screen outside Shed 10 will broadcast the welcome. No roads will be closed and public transport schedules will be normal.
"I think we can't wait really ... Everybody's looking forward to getting home," Black Caps coach Mike Hesson said on Newstalk ZB this morning.
The team didn't know a lot about the plans for this evening's event, he said, but viewed it as "a chance for us to thank New Zealand and people for supporting us over the last six or seven weeks".
"It's been a heck of a ride, and without that support they wouldn't have been anywhere near as good."
Despite losing to Australia on Sunday night's final, Hesson said yesterday was still a "good" day.
"I think after the game it was a disappointment of how the final went, [but] yesterday was more of a reflection of what we've been able to achieve over the last six [or] seven weeks," he said. "It was just a good chance to get together and just relax a little bit."
However, he would not be drawn on rumours that captain Brendon McCullum may announce his retirement following the tournament.
"We haven't even gone into that," he said. "Things will happen over the next few days I imagine."
He also avoided weighing into the debate on Australia's sledging of Kiwi players when they were bowled off the field at Melbourne's MCG stadium. Asked for his opinion on the issue, he said: "Unfortunately we got outplayed in the final, so we've to give the Australian's some respect there. They turned up on the day and they were exceptional with the ball in the field, so sometimes you've got to take that on the chin."
The team would now take seven to 10 days off to recover from the tournament, before getting ready for the test series against England later this year.
"I can't wait [for the England tour], but firstly I'm looking forward to a week at home with family. I think everybody is too."