The meeting is part of the Super7even – one of the British Speedway Promoters Association's flagship events.
It will see a host of Grand Prix stars and world champions do battle representing their clubs.
Co-promoter Jonathan Chapman is urging fans to arrive early for the event.
Chapman said: "It's going to be exciting, a wide open meeting and we're expecting a big crowd, so fans should get here early.
"We will see a great meeting that will project the right image for the whole of British speedway."
Co-promoter Buster Chapman said: "It's been my dream for years to run a big meeting like this. In my opinion the Elite Pairs and the EL Riders' Championship are the next meetings down from the British Grand Prix.
"It's a coup for Lynn speedway and the whole town."
The meeting will six six former Lynn riders on show in Jason Crump, Nicki Pedersen, Peter Karlsson, Niels Kristian Iversen, Leigh Adams and Sebastian Ulamek.
Current world champion Crump said: "I'm already looking forward to it."
Said ex-world champ Pedersen: "King's Lynn is my favourite track and I can't wait to get back there."
Each team will meet each other once over the ten qualifying heats for each group.

The top team from Group A will meet the runners-up from Group B in the first semi-final and the top team from Group B will meet the runners-up of Group A in the second semi.
The two winners from the semis will then lock horns in the final.

The UK Freestyle Motorcross Display team are booked to perform a display an hour before the Elite League Pairs meeting, which will consist of 20 qualifying heats, semi-finals and a final.
Tickets are priced as follows: Adults £20, students/ OAP's £15, juniors (12 to 15) £5 and kids 11 years and under free.
GROUP A

Eastbourne: 1 Nicki Pedersen, 2 David Norris. Coventry: 3 Scott Nicholls, 4 Rory Schlien. Poole: 5 Jason Crump, 6 Bjarne Pedersen. Reading: 7 Greg Hancock, 8 Janusz Kolodziej. Ipswich: Chris Louis, 10 Robert Miskowiak.
GROUP B

Wolves: 11 Peter Karlsson, 12 Billy Hamill. Arena Essex: 13 Joonas Kylmakorpi, 14 Kris Kasprzak. Oxford: 15 Jesper B Jensen, 16 Ales Dryml. Peterborough: 17 Hans Andersen, 18 Niels Kristian Iversen. Swindon: 19 Leigh Adams, 20 Sebastian Ulamek.