The finale will feature about 4,000 performers alongside artists such as George Michael and the Spice Girls.
Brazil, the host nation in 2016, will make a presentation celebrating their multicultural roots.
The US topped the medal table with 45 golds, followed by China with 38 golds. GB came third with 29 golds - their best tally for 104 years.
Boxer Anthony Joshua secured the 29th gold for Team GB earlier with victory in the super-heavyweight class.
In all, 44 world records have been set during London 2012, and 117 Olympic records broken.
Closing ceremony artistic director Kim Gavin has described the event, which will start at 21:00 BST and focus on 50 years of British music, as a "mashed-up symphony".
The sun gods have smiled on these Olympics, mostly, and the last day of competition and celebration here is a glorious one.
Just water polo and handball finals to go now, and the closing ceremony. The feeling is quite international as fans from six European nations make their way to and from stadiums showing sports that do not traditionally have a strong following in the UK.
Other venues are silent. The blue and pink stands of the hockey venue, which vented so much noise from the crowds these last two weeks, are completely empty.
Mr Gavin said it will showcase "British creativity in the arts" and take people on a musical journey from Elgar to Waterloo Sunset in 30 tracks.
Among the acts confirmed to be performing are George Michael, the Spice Girls and rapper Tinie Tempah.
Mr Gavin explained that while the nation flags would process in, the athletes would come in as "friends" to form a "mosh pit" for the show.
During the ceremony, sailor Ben Ainslie, a four-time Olympic gold medallist, will carry the flag for Great Britain.
The Olympic flame will be extinguished and the figurative baton passed to the organisers of the 2016 Games in Rio de Janeiro.
It was a successful final day for Team GB, with boxer Anthony Joshua ensuring a golden end to the 16-day competition with victory in his super-heavyweight bout.
The 22-year old from London beat Italian Roberto Cammarelle to win Britain's 29th gold of the Games.
Reacting to his win, Joshua said "Sunday is a holy day and I have been blessed".
He added: "That medal represents my journey and the support from my team. It is much more than a gold medal, it is a life experience."
A post-bout appeal against Joshua's victory by the Italian team was rejected after a countback by the judges.
Welsh fighter Fred Evans had to settle for silver in his welterweight bout against Serik Sapiyev from Kazakhstan.
The 21-year old said: "He [Sapiyev] was sharper on the day and I didn't stick to my plan quite as I should have."
Meanwhile, with the sun shining, thousands of people lined the streets of London to watch Uganda's Stephen Kiprotich run to men's marathon victory.
Crowds also packed the live site at London's Hyde Park, to watch the sporting action on the big screens and enjoy a farewell concert which is being headlined by Blur.
In other developments:
Mr Cameron said the Olympics had been an "extraordinary few weeks" which had "lifted the whole country and there was a "huge opportunity" to build the legacy for the Games.
He said legacy had been "built into the DNA of London 2012 from the very beginning" and he was "determined to make the most of the economic opportunities on offer from hosting the Games - making sure that we turn these Games into gold for Britain".
The International Olympics Committee president Jacques Rogge said he was "very happy" with the Games, and he was a "very happy and grateful man".
"It has been a dream for sports lovers," he said, adding that history had been made by many athletes.
The revamped 560-acre (227-hectare) Olympic Park site - to be known as the Queen Elizabeth Olympic Park - is set to reopen in stages starting on the first anniversary of the opening of the Games, on 27 July 2013.
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