It is perhaps the most coveted party invitation of the year, with the likes of Beyoncé, the Black Eyed Peas and Prince providing entertainment for a carefully-selected few.
Rock band the Red Hot Chili Peppers will play at the exclusive event, held at the Chelsea football club owner’s £58 million estate on the Caribbean island of St Barts.
The estate near Gouverneur beach was previously owned by US banking tycoons the Rockefellers and has a number of swimming pools, pavilions and beach bungalows.
Guests have been told to wear “island chic” at the event, which will run from 10pm until 4am, with partygoers retiring to a fleet of super-yachts in the marina at the end of the evening.
Last year, Demi Moore, Rosie Huntington-Whitely, Stephanie Seymour, Ellen DeGeneres and Star Wars creator George Lucas were among dozens of famous names on the invitation list.
And in 2009, Kanye West and Orlando Bloom were treated to a £3 million party with Beyoncé, Gwen Steffani and Prince singing at the event.
Mr Abramovich and his 30-year-old model girlfriend Dasha Zhukova have been spending their Christmas holidays on the island with their two-year-old son Aaron.
The 45 year-old has a £300 million super-yacht moored at the island, the 543ft Eclipse, which has an on-board cinema, library, restaurant and accommodation for 12 guests and five bodyguards.
The nine-deck vessel is reportedly armed with infra-red lasers to protect the family from any prying paparazzi photographers.
The party marks the end of a troublesome year for the billionaire, having spent several weeks battling fellow oligarch Boris Berezosky in a £3.7 billion High Court case in London.