Wallace died earlier this month at the age of 93, drawing tributes from celebrities including Alec Baldwin, Larry King and Playboy founder Hugh Hefner.
Friends and colleagues of the 60 Minutes journalist will honour his legacy on May 1 in New York City, reports TV Newser.
The memorial service is to be held at the Rose Hall in Time Warner Centre.
Mike's son Chris Wallace, who is expected to attend the memorial, reacted to his father's passing by describing him as "fascinating and funny, challenging and exasperating".
"While work often came first for him, over the last 20 years, he worked hard to make connections with his family. He became my best friend," Fox News Sunday host Chris said.
Mike served as host on the landmark US television news programme 60 Minutes for 38 seasons. He stepped down as a regular contributor in 2006.
Watch Mike Wallace interview Barbra Streisand below: