The 1-billion-member social network is to be live streaming the event at live.facebooklive.com. The broadcast is set to begin at 9:50 a.m. PDT.
Also expected is a new version of the Android mobile operating system. Last week, Facebook sent out event invitations to members of the media, saying "Come see our new Home on Android." That tagline now appears to be alluding to the name of the new Android version, rumored to be called Facebook Home.
Numerous reports say Facebook Home will be similar to other types of the Android operating system, but will be focused on the social network. The operating system will supposedly make it easier and quicker for users to post content to their Facebook profile.
The new phone is believed to be built by HTC and called the First. Purported images of the device have hit the Web over the last few days, and it appears it will come in different colors, including light blue, red and white.
Of course, you never know when a tech company might throw a curve ball, so check back at 10 a.m. as we begin our coverage of the Facebook announcement.