The ceremony will take place before the Kings' game against the Anaheim Ducks.
Blake, now an executive with the Kings, was the team's captain and a defenseman during his 14 seasons in Los Angeles.
Blake spent a total of 20 years as an NHL player. He will be inducted into the Hockey Hall of Fame in November.
Blake will be the sixth player in franchise history to have his jersey retired, joining Luc Robitaille (No. 20 in 2007), Wayne Gretzky (No. 99, 2002), Dave Taylor (No. 18, 1995), Marcel Dionne (No. 16, 1990) and Rogie Vachon (No. 30, 1985).
"It is an honor to be included with the former great LA King players who have their Jersey's retired," Blake said in a statement released by the Kings. "I have always felt LA was a special place to play and it was and is a tremendous privilege to put on an LA Kings jersey."
Blake is the all-time leader in games played, goals, assists and points by a Kings defenseman. He played with the Kings in 1990-2001 and 2006-08. He helped the team advance to the Stanley Cup finals in 1993. He also won the franchise's first Norris Trophy in 1998, captured a gold medal at the 2002 Olympics and four of his seven All-Star appearances came as a Kings player.
The Kings selected Blake in the fourth round of the 1988 draft. His NHL career also includes stints with the Colorado Avalanche (2001-06) and San Jose Sharks (2008-10). He helped the Avalanche win the 2001 Stanley Cup. In 1,270 regular-season games, he had 240 goals and 537 assists and added 26 goals and 47 assists in 146 playoff games.