The couple has revealed that the ceremony will take place on June 13th 2015 in the Royal Chapel at the Royal Palace in Stockholm.
"We look forward to a summer wedding in the middle of June, when Sweden is very beautiful. It's a great day for us and we are very happy," said Prince Carl Philip and Sofia Hellqvist in a statement.
The communications director at the Swedish Royal Court, Margareta Thorgren, said there had already been a lot of interest in the date.
"I can confirm that the Prince will be getting married on the 13th of June, which I must say is a fantastic time to get married in Sweden," she told The Local.
She added that many other royal family members had also previously selected June dates for their nuptials.
"And this will be the last wedding for a while. But what a wonderful time it will be - Sweden in the summer is so lovely, especially Stockholm."
Sofia Hellqvist is a fashion model who has posed in men's magazines and participated in the Swedish TV series Paradise Hotel. She has dated the Swedish prince since January 2010.
Roger Lundgren, royal expert and editor of Kungliga Magazine, said their relationship has been "a Cinderalla story".
"This is a couple who had to fight for love and acceptance," he told The Local.
"Some people have had their own negative ideas about Sofia because she was on Paradise Hotel hundreds of years ago, but I can tell you she is a wonderful, wonderful person."
"She works a lot with orphanages in South Africa. She's really sweet."
He added that the prince had recently won the hearts of the Swedish public after making a rare TV appearance last week.
The couple announced their engagement earlier this year. Photo: TT
But Lundgren admits it would be a tough ask for the summer wedding to top that of Crown Princess Victoria.
"Victoria and Daniel have always been the favourites, but who knows, maybe these two can give them a run for their money," he told The Local.
Prince Carl Philip and Sofia Hellqvist's wedding will be planned by Major General Håkan Pettersson, who was also behind Crown Princess Victoria's wedding in 2010 and Princess Madeleine of Sweden's wedding in 2013.
Announcing the couple's wedding plans back in June, Prince Carl Philip said:
"I have the incredible honour of being engaged to this fantastic girl."
When asked what made her fall for the prince, Hellqvist responded:
"Carl Philip is the most humble person I have ever met, which is what made me fall in the beginning."