The annual run was started 20 years ago and sees hundreds of islanders don the famous suit, beard and hat to raise money for charity.
‘I got the idea from a run in America and thought it was a great idea,’ said Aid Reaching Children founder Linda Garnham. ‘I’m Christmas mad.’
Around 800 people are expected to take part.
Last year the charity raised more than £7,000 and this year is looking to smash that total.
‘I’m confident we’ll hit around £10,000,’ said Miss Garnham.
Half of the money will go to Arc, which will use it to buy Christmas presents for children who have been brought over to the UK from Ukraine to receive cancer treatment.
The charity, founded in 1998, has previously supported people in Albania, Kosovo, India, Sri Lanka and Haiti following natural disasters and war.
The other half will be donated to the Great Ormond Street Hospital, following the news that a local baby died there.
Runners 12 and over are asked to meet at 10.45am at the Beach House at Pembroke for a warm-up before starting the 6km run to Market Square at 11.30am.
Younger runners will meet at Bulwer Avenue at 11am to start the shorter run at 11.45am.
Islanders wanting to sign up must purchase a ticket through the Arc website https://bit.ly/3Yb1ABl, and then take it to Aladdin’s Cave to get a running number and sponsorship form.
Santa suits will be on sale and £2 of every purchase will go towards the charity.