The day-long social event, which in the past has been marred by glass-related injuries, excessive drinking and fires, had attracted 9749 attendance ticks on Facebook by 4.30pm yesterday.
Otago University Students Association (OUSA) president Logan Edgar said he believed many of those people would turn up.
The party, in which the residents of the street's flats, traditionally students, dress up to a flat theme and drink in the street, has been an annual fixture for many years, with several thousand people sometimes filling the street over the day.
The party may be more popular this year because it could be the last.
The Dunedin City Council is considering extending its permanent CBD liquor ban to include North Dunedin, which would rule out drinking, or carrying open containers of alcohol, in the streets.
University of Otago vice-chancellor Prof Harlene Hayne said the Hyde St party would play a role in the DCC's liquor ban decision.
"What happens [tomorrow] will undoubtedly have a major influence on the nature of the submissions," she said in a statement.
"Everyone will be watching what happens at this party."
This year, the university and OUSA have become involved with the event by promoting a glass ban for the party's duration and making sure food is available and installing Portaloos.
The OUSA plans to actively enforce the glass ban by having people on the street and at both entrance points encouraging partygoers to dump glassware.
If people did not do so, they would be asked to leave and could be fined.
Local off-licence premises have also agreed to stock plastic containers for people going to the party, while the council has agreed to close the street for the day.
Police say, while they would prefer it if the party did not happen at all because of the level of drunkenness, injuries and disorder that results, it is now an annual event and the best thing they can do is work with everyone else to make it safe.
Last year, seven people were arrested at the event.
One Lincoln University student said she knew about 80 people who planned to attend.
"Most of my friends from Lincoln are going," Olivia Fox (18) said. "The Hyde St keg party is crazy."
Emergency response manager for the Dunedin-Clutha area Acting Inspector Allan Grindell said, while the glass ban was not law, and would rely heavily on peer pressure and advertising to be effective, the OUSA deserved credit for the ban and the work it was doing around the party.
A police operation would run as usual for the day, with extra staff on duty specifically to cover the keg party. Officers would patrol the area on foot all day.
The efforts by everyone involved in the event, including the Hyde St organisers, to keep partygoers safe were impressive, he said.
He was sceptical all the people who indicated they would turn up would in fact do so.
Mr Edgar said he was confident the event would go well. Much effort had gone into the glass ban, which was being trialled as an alternative to the liquor ban.
The OUSA is championing a petition against the introduction of the liquor ban in North Dunedin.
• Written by Debbie Porteous and Lauren Hayes.
