Victoria's Olympians are being welcomed home in a ceremony at Melbourne's Federation Square.
Gold medal winners Sally Pearson, Anna Meares, Cate Campbell and the men's K-4 flatwater canoeing team will take part in the ceremony.
Victorian athletes Drew Ginn, Kim Crow and Jared Tallent will be among more than 80 Olympians at the event.
There will be a ceremony at the square and a civic reception at town hall.
Victorian Sports Minister Hugh Delahunty says it is an opportunity for young people to meet their heroes.
"I'm sure we'll give them a true Melburnian sporting capital welcome," he said.
"It's a fantastic opportunity for a lot of Victorians, particularly our young Victorians, to rub shoulders with our Olympians and celebrate their incredible achievements over in London."
Thousands of fans lined Sydney's main street on Monday to welcome home more than 100 Olympic athletes.
Proud to be Australian
Victorian rower Kim Crow won a Silver medal in the double scull event, and Bronze in the single skull.
Crow is now based in Canberra but her family lives in Templestowe, in Melbourne's north-east and she says it is great to be home.
"The Olympics is a wonderfully exciting time and everything's go-go-go, and I really enjoy that," she said.
"But I think it is pretty important to touch base with reality and just renew a bit of energy before getting back into training."
Crow says the Melbourne athlete's parade holds a special significance.
"When I came back from Beijing and not having had a great result, I was not too sure if I wanted to row and I was quite down about things," she said.
"But I came and did the Melbourne parade and the excitement was really special and it made me feel really special as an Olympian and I think that really inspired me to have another go.
"I really wanted to do better the next time round and I was so grateful to Melbourne for putting on such a great show."
The men's K4 kayaking team said their Gold medal win is still sinking in.
Team member Murray Stuart says the parade is a great opportunity to give something back to their supporters.
"It's wonderful. We've had such wonderful support the whole way along, and in London itself, we all had a lot of family and friends," he said.
"But to come home and be welcomed, firstly off the plane and in Sydney and now in Melbourne, it's incredible.
"It's really overwhelming and we couldn't be more proud to be Australian."