Experts from Leicester University, hoping to uncover the royal's remains today (Saturday), believe that he is located outside the city council's offices.
Richard was King of England between 1483 and 1485, before being ousted from his throne by Henry VII at the Battle of Bosworth field.
Historical records indicate that he was buried in a Franciscan friary known as Greyfriars.
Richard Buckley, the archaeologist leading the dig, told Sky News: "The big question for us is determining the whereabouts of the church on the site, and also where in the church the body was buried.
"Although in many ways finding the remains of the king is a long shot, it is a challenge we shall undertake enthusiastically.
"There is certainly potential for the discovery of burials within the area, based on previous discoveries and the postulated position of the church."