Crews will set off from Pengwern Boat Club in a bid to make it to the opposite side of the River Severn.
Now in its 10th year, the event has raised hundreds of thousands of pounds for Macmillan Cancer Research.
One firm taking part is a team of four from Galliers Homes.
“This will be our third time of entering and although all our staff really enjoy the event we have never managed to win – we are hoping all that will change this year and we will be declared world champions,” said Louise Dwyer, senior technical coordinator with Galliers Homes."
Last year the 35 teams who took part in the race raised a total of £40,000 for the charity.
Another team warming up for the race is Berrys.
The property, business and planning firm will be defending its best fancy dress title from last year.
Team captain Richard Cole will be joined on the water by Sophie Moore, Natalie Warburton and Harriet Matthews.
Over the years teams and sponsors of the Coracle Race have helped raise more than £200,000 for Macmillan Cancer Support.
Racing starts at 3pm and teams will be aiming to beat the current World Record Time of five minutes and 20 seconds.