The test flight of the flying saucer, known as the Low-Density Supersonic Decelerator, will be broadcast live on NASA's website beginning at 1:30 pm (2300 IST).
Since the atmosphere on Mars is so thin, any parachute that helps a heavy, fast-moving spacecraft touch down needs to be extra strong.
The US space agency figured out how to do this decades ago, beginning with the Viking mission which put two landers on Mars in 1976.
"We want to see if the chute can successfully deploy and decelerate the test vehicle while it is in supersonic flight," NASA's Jet Propulsion Laboratory said in a statement.
The test vehicle weighs 6,808 pounds (3,088 kilograms), or about twice the weight of the kind of robotic rover spacecraft NASA is currently capable of landing safely on Mars.
The goal is for the chute to "slow the entry vehicle from Mach 2 to subsonic speeds," NASA said.
The test will involve sending the saucer, an inner-tube shaped decelerator and parachute to an altitude of 120,000 feet over the Pacific Ocean with the help of a giant balloon.
The balloon will release the spacecraft and rockets will lift the vehicle even higher, to 180,000 feet, reaching supersonic speeds.
"Traveling at three times the speed of sound, the saucer's decelerator will inflate, slowing the vehicle, and then a parachute will deploy at 2.35 times the speed of sound to carry it to the ocean's surface," NASA said.
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