Its permanent secretary Peter Englund will make the much-awaited announcement in Stockholm at 1pm local time.
The date for the literature prize is revealed only a few days in advance, while the dates for the other prizes are known several months ahead of time.
The Nobel season kicked off on Monday with the announcement of the medicine prize, which went to two Americans and one German for their work in solving the mystery of how a cell organizes its transport system
The physics prize is set to be unveiled on Tuesday and chemistry on Wednesday.
The literature laureate is traditionally revealed on a Thursday during the Nobel week.
The peace prize winner is scheduled to be announced on Friday, and the economics prize on Monday, October 14th.
In line with tradition, the Swedish Academy gave no indication of its choice for the literature prize.
It never reveals the names it is considering, and its deliberations are sealed for 50 years.
No favourites have emerged for the 2013 prize, but bookmaker Ladbrokes had Japanese author Haruki Murakami as the favourite with 3-to-1 odds, followed by US novelist Joyce Carol Oates at 6-to-1, Hungary’s Peter Nadas at 7-to-1 and Norwegian author and dramatist Jon Fosse at 9-to-1.
Experts in Stockholm’s literary circles suggested Belarussian writer Svetlana Alexievich or Algerian novelist Assia Djebar.
Last year, the honour went to Chinese novelist Mo Yan.