The attraction will launch next spring in Stockholm, the city where ABBA was formed in 1972.
According to Sky News, the museum will feature stage costumes, instruments and other mementos that were previously displayed in the AbbaWorld exhibition which toured Europe and Australia.
ABBA member Bjorn Ulvaeus confirmed that he would be attending the opening of the museum, and has said that he hopes the other three members of the group (Benny Andersson, Agnetha Faltskog and Anni-Frid Lyngstad) will also be present.
However, he ruled out the chance of a stage comeback, saying: "We are the only group of that status that has never been reunited. I think that is cool.
"It is a strength for ABBA that you remember those young, ambitious, energetic people during the '70s rather than some feeble old folks who feel compelled to get up and play all the time."
ABBA's greatest hits album Gold was recently named the UK's all-time best-selling CD, and the third best-selling album of all time, with over 5 million sales.
Watch the video for ABBA's 'The Winner Takes It All' below: