The star-studded concert will also see Prince Charles and Prince William pay tribute to the Queen.
Diana Ross and George Ezra will headline a star-studded concert at Buckingham Palace marking the Queen’s 70 years on the throne later.
The Party at the Palace on Saturday evening will also see Prince Charles and Prince William making speeches to pay tribute to the Queen.
Members of the Royal Family are taking part in celebrations around the UK today, with visits to the nations.
The Queen is not expected to attend the gig; Coverage starts at 19:30 BST.
The Queen has been experiencing mobility problems in recent months and the palace had warned in advance that the monarch would consider which Jubilee events she felt able to attend.
She had to pull out of Friday’s Jubilee thanksgiving service after experiencing “discomfort” during Thursday’s events.
She will also not be at the Derby at Epsom on Saturday afternoon and will instead watch the race on TV from Windsor, Buckingham Palace said.
The concert – broadcast live on BBC One – will take place in front of Buckingham Palace, with an expected crowd of about 22,000, plus millions watching on television.
The line-up also includes Alicia Keys, Eurovision runner-up Sam Ryder, Hans Zimmer and Queen and Adam Lambert.
Stars including broadcaster Sir David Attenborough, Tennis player Emma Raducanu, former footballer David Beckham and comedian and writer Stephen Fry will also feature, and there will be a specially-recorded performance from Sir Elton John.
Disco legend Nile Rodgers told the BBC he was expecting an “incredibly festive” atmosphere.
“I’ve been playing in the UK since the early 1970s and I don’t think I’ve ever seen the country this happy and zhuzhed up and decorated. I expect the concert to be completely out of control,” he said.
Italian operatic tenor Andrea Bocelli, also performing, said: “The psychological condition when you do one of these performances… is like when a football player has to kick the last penalty – I just hope that after many years of my career, I can manage the pressure!”
The Queen may be missing Derby Day but the prestigious event at Epsom will see the her unprecedented 70 years on the throne celebrated by 40 retired and current jockeys who have ridden for her form a guard of honour.
The jockeys will dress in her distinctive purple, gold and red racing silks, and the Queen’s Stand will be permanently renamed the Queen Elizabeth II Stand.
New unseen footage showing the Queen’s affection for horses will be broadcast as part of ITV’s coverage of the Jubilee celebrations – including clips showing her caring for some of the animals and speaking affectionately to them.
Thoroughbreds owned by the Queen have won four out of the five flat racing classics, with only the Derby eluding her.
Members of the Royal Family are attending Platinum Jubilee celebrations across the UK during the day. Before speaking at the Party at the Palace, Prince William will is in Cardiff with the Duchess of Cambridge and two of their children.
William and Kate will meet the performers and crew behind a separate Jubilee concert at Cardiff Castle.
The Earl and Countess of Wessex are carrying out two engagements in Northern Ireland. Prince Edward – the Queen’s youngest son – and his wife Sophie will meet children taking part in multicultural street performances, join in with art and craft sessions, and speak to people sharing their personal memories of meeting the Queen.
On Friday, Princess Anne visited Edinburgh Zoo to feed penguins and learn about caring for wildlife.
Saturday is also the first birthday of Prince Harry and Meghan’s daughter Lilibet, who travelled with her parents and older brother Archie for her first visit to the UK.
The royal family Twitter account posted a balloon emoji and the message: “Wishing Lilibet a very Happy 1st Birthday!”
It’s thought this trip is the first time the Queen will have met Lilibet, who is named after her.