With her assuming office, she will become the second woman after Congress leader Meira Kumar to hold post.
Mahajan's name was approved as Lok Sabha Speaker on Thursday.
The election of a new Speaker will be held on Friday afternoon.
In 2014, she won the Lok Sabha elections for the eighth time, one of three members of the 16th Lok Sabha to do so and the longest-serving woman member.
She has been representing the Indore constituency of Madhya Pradesh since 1989.
She is a former Union Minister of State of India.
She was minister from 2002 to 2004 and held portfolios of Human Resources, Communications and Petroleum.
She studied at Indore University for MA and LLB.
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