London 2012 stars including Sir Chris Hoy, Katherine Grainger, Glasgow's Michael Jamieson, and Neil Fachie will take part in the celebrations on Friday, September 14.
The event will take in the Kelvingrove Art Gallery and Museum and the Old Fruitmarket, where hundreds gathered in 2007 to hear Glasgow announced as the 2014 Commonwealth Games host city.
Thousands are expected to line the streets and a crowd of up to 17,000 will greet the athletes at the city's George Square, in an event open to the public on a first-come, first-served basis.
The organisers of the event said that "as an Olympic City, currently bidding for the Youth Olympic Games in 2018, and hosting the Commonwealth Games in 2014, Glasgow is a destination for top-class sporting events and the ideal location for these celebrations".
Scottish athletes won a record-breaking 13 medals at the London Olympics, and by yesterday had recorded 10 medals at the Paralympics, already exceeding the target of surpassing the eight medals won at Beijing.
The event will begin at Kelvingrove around 4.15pm, and the athletes will travel through Glasgow's west end on three 7.5- tonne wheelchair-friendly, flatbed vehicles, arriving at George Square at approximately 5.15pm.
At George Square, there will be a large screen and entertainment, with the athletes invited up to a stage to meet the crowd.
Those attending will include First Minister Alex Salmond, Minister for Commonwealth Games and Sport Shona Robison, sportscotland chairwoman Louise Martin, sportscotland chief executive Stewart Harris, Lord Provost of Glasgow Sadie Docherty, Leader of Glasgow City Council Gordon Matheson, and British Olympic Association chairman Lord Moynihan.
The athletes will then be invited to a reception hosted by the First Minister at the Old Fruitmarket.
Notably, the parade will not go through the city's east end, the epicentre of the 2014 Commonwealth Games. It also omits the City Chambers, home to the Labour-run City Council.
Sources claim that while there was the potential for the parade to take in the new National Indoor Arena in the east end, it was logistically difficult. They also claim the City Chambers was offered to the organisers and would have presented a seamless move from George Square, but insist the City Council has not been snubbed.
Ms Robison said: "We saw some remarkably talented Scottish athletes compete in this year's Olympics and achieve a record medal haul. The Para-lympics have now got off to a great start, with many medals already on the table.
"This is exactly why people should come to Glasgow to watch the parade, celebrate our athletes' achievement and give them the homecoming parade they truly deserve."
Ms Martin said: "These celebrations are a fitting tribute for the Scottish athletes in Team GB and ParalympicsGB, and are a great opportunity for people of Scotland to salute them for their tremendous efforts. There is a terrific momentum from the London Games' success, and we will build on that in the run-up to Glasgow 2014, where Team Scotland is aiming to make 2014 the most successful ever Commonwealth Games."
Mr Matheson said: "This city loves sport and Glasgow will give our Olympic and Paralympic heroes a welcome they will never forget. The excitement we have all shared this summer is only going to grow here in Glasgow as we get closer to 2014."
Edinburgh will host a parade on Sunday, September 16, when Sir Chris Hoy will receive the Freedom of the City.
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