Harworth Group, which owns the site, says the 204-metre chimney is scheduled to be brought down on Friday.
“This will mark the end of the major demolition works on the old power station site, with the whole process due to be completed by the end of this year,” said Matt Timmins, project manager at Harworth.
“We’re grateful for the patience and interest shown by local residents and stakeholder groups throughout the demolition works.”
A 650-metre safety exclusion will be in place shortly before, during and after the explosion, when there will be no public access.
The demolition will happen between 10am and 1pm, weather conditions permitting.
Buildwas road will be closed between 9am and 6pm from the A4169 Much Wenlock Road junction to the Dale End roundabout.
Other ancillary roads and some footpaths will also be temporarily closed during the same period for the safety of the public.
“We have already been in contact with anyone who will be impacted by the exclusion zone,” added Matt.
“Depending on wind direction and weather conditions on the day, there’s a possibility that some dust from the blowdown may travel beyond the exclusion area, so as a precaution, we are advising any local residents with respiratory conditions to stay indoors during and immediately after the demolition.”
Harworth says it will ensure that residents are kept informed should there be any change to the demolition timetable.
The power station's four cooling towers, which were a major landmark in the landscape, were brought down in 2019.
Earlier this year, the Boiler Bay building on the site was taken down in just a few minutes.
A 250-metre exclusion zone was put up before, during and after the explosion to protect everyone on site and in the local area.
Scores of people found vantage points further away to watch the spectacle.
Some even climbed to the top of The Wrekin to see the demolition from afar.
Earlier this month, major plans for the redevelopment of the site were rejected by councillors.
The proposals would have seen more than 1,000 homes built on the site, along with a retirement village, primary school, shops, a rail link, business, sports and leisure sites.
Shropshire Council's South Planning Committee surprisingly went against a recommendation from officers to approve the plans – citing concerns over the level of affordable housing guaranteed in the plans.