Its permanent secretary Peter Englund will make the much-awaited announcement in Stockholm at 1:00 pm local time (1630 IST).
The date for the literature prize is revealed only a few days in advance, while the dates for the other prizes are known several months ahead of time.
The Nobel season kicks off today with the announcement of the medicine prize, followed by the physics prize tomorrow and chemistry on Wednesday.
The literature laureate is traditionally revealed on a Thursday during the Nobel week.
In line with tradition, the Swedish Academy gave no indication of its choice for the literature prize.
It never reveals the names it is considering, and its deliberations are sealed for 50 years.
No favourites have emerged for the 2013 prize, but bookmaker Ladbrokes had Japanese author Haruki Murakami as the favourite with 3-to-1 odds, followed by US novelist Joyce Carol Oates at 6-to-1, Hungary's Peter Nadas at 7-to-1 and Norwegian author and dramatist Jon Fosse at 9-to-1.
Experts in Stockholm's literary circles suggested Belarussian writer Svetlana Alexievich or Algerian novelist Assia Djebar.
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