The expedition has been organised by Charlotte Downward as part of her bid to become Miss Isle of Man.
Charlotte, who is 26 and lives in Douglas, chose to support the hospice as her family has direct experience of the good work it does.
As a finalist in the contest, the nursery teacher has a minimum target to raise of £5,000 but she hopes to do much better than that.
She said: ‘We will be starting from the Quarterbridge car park and walking along the railway line. People taking part will be sponsored and they have also been encouraged to wear fancy dress on a Where’s Wally theme.
‘There will be a competition for the biggest Wally, who raises the most money. I wanted to do something fun and with a children theme as I work in a nursery.’
So far, she thinks about 50 people are set to take part in the event, which takes place on Saturday, but it could end up being more.
There is a JustGiving page set up (www.Justgiving.com/charlottedownwardMissiom) which people can use to donate if they wish.
‘I’m fairly sure I’m going to meet the original £5,000 target but I’d like to exceed it as it’s a charity close to my heart,’ she said.
She says the distance from the Quarterbridge to Peel is around 10 miles so she’s done some training to get prepared.
‘I’ve walked five miles of the route and that took around one and a half hours so I’m working on the whole thing taking around three hours,’ she said.
And when the walkers arrive, they plan on having a few well-earned drinks before catching the bus back.
‘Ten miles is enough so I don’t think we will be walking back again,’ said Charlotte.
As the walk has a children’s theme, a few younger walkers will also take part.
She revealed: ‘Phoebe, my young cousin, who is seven, will take part along with my friend’s daughter Maisie, who is 20 months. They will have a go at walking some of it but I think the pram or buggy will come along as well.’
Charlotte has a few other fundraising events in the pipeline as well, including a charity Zumba class and a messy play party for children.
Collette Wylde, one of the Miss Isle of Man organisers, said they chose 12 charities for each contestant to adopt one of them, but they had tried to allocate them to appropriate candidates.
‘Charlotte had a connection through a family member with hospice so it made sense for her to go with them,’ she said.
Each contestant is also allocated a business sponsor to offer further support.