Ten people, including five artists, will take-off from Star City - a military training facility near Moscow.
The artists, who like to experiment with different environments, want to see the effect space-like conditions will have on their work.
The trip will be paid for and led by Nasser Azam, artist-in-residence at County Hall, the former seat of London's government.
"It's a tremendous opportunity to push the boundaries of my painting to the limit, and the other artists in the group are similarly thrilled to be undertaking such an astonishing physical and artistic challenge," said Azam.
Azam, 44, said he hoped the zero gravity conditions would suit his planned painting, a triptych dedicated to artist Francis Bacon.
The plane will achieve 10 bursts of zero gravity, each lasting 23 seconds, in which time the artists must realize their creations.
A cameraman and film director will be among the passengers and will record the artists as they attempt to control their floating canvases and sculptures-in-progress.
The results will be exhibited in London in October.
