A crowd of people decked out in red and purple is expected in front of Toronto city hall on Monday morning.
Deputy Mayor Norm Kelly will proclaim May 12th 'Raptors Day' in Toronto.
In a press release, his office says it will be in honour of the team's "incredible" season.
Kelly will be joined by coach Dwane Casey and player Greivis Vasquez when he makes the announcement.
The Raptors made it as far as game 7 in the first round of the playoffs before they were eliminated by the Brooklyn Nets.
The club wrapped up the regular season with a team record 48 wins and the Atlantic Division title.