Bank junction will be closed from 4.30pm, ahead of the protest action by United Cabbie Group (UCG), which starts at 5pm and runs until 6.30pm.
The cab drivers' group is protesting against proposals to stop them driving through the junction. The City of London Corporation proposed at the end of last year that taxis and other vehicles should be excluded from the junction between 7am and 7pm on weekdays, with buses and bicycles allowed through.
City of London Police and the Metropolitan Police Service said they had engaged with organisers from the United Cabbie Group prior to the event and also "liaised with Transport for London to try to manage disruption on the roads as effectively as possible".
Police said "significant delays" are expected between 5pm and 8pm. Provisions have been made to allow access for emergency vehicles however all other traffic is advised to avoid the area and find alternative routes where possible.
“We recognise that the public, commuters and businesses will be concerned about the impact this event may have for people who regularly use Bank junction," said superintendent Helen Isaac.
"I want to reassure them that we have a full policing plan in place that balances both the rights of protestors with those impacted by the protest.
“Together with colleagues from the Metropolitan Police Service we have engaged with the organisers and there is a proportionate policing response in place. We will monitor how the situation develops and take action where appropriate. We continue to work with all our partners to ensure that disruption is managed effectively.”
Cab driver strikes became something of a familiar sight to Londoners last year, as cabbies staged a series of protests against how Uber operates in the capital.