Chicago Cubs fans celebrate after game seven of the 2016 World Series against the Cleveland Indians outside of Wrigley Field, Nov. 2, 2016. Patrick Gorski-USA TODAY Sports via Reuters

Following a historic World Series win for the Chicago Cubs, fans of the formerly known "Lovable Losers" will be celebrating their triumphant victory at the upcoming World Series parade and rally.

The parade will be held in Chicago on Friday, following an announcement made Thursday by Mayor Rahm Emanuel and Police Supt. Eddie Johnson, according to CBS News. The parade will commence around 10 a.m. Although the exact route still needs to be confirmed, CBS reports that the parade will start at Wrigley Field and continue down Michigan Avenue. The rally is expected to take place at Grant Park, and the procession may reach the park by noon, according to media reports. Public schools in Chicago will be given the day off.

Mayor Rahm Emanuel announced Thursday that the "parade will stand the test of time."

"It will be a parade and a celebration that all of Chicago for 108 years in their mind's eye, have been envisioning. We're going to make it a reality in the city of Chicago," he told reporters.

The Cubs, who had not won a World Series Championship since 1908, went into extra innings in Game 7 Wednesday against the Cleveland Indians. The Cubs trailed in the series, 3-1, but won three games in a row to clinch the title in Cleveland.

"It was a great day for our city, a great day for our fans. I tell you, our fans showed up," president of business operations for the Cubs Crane Kenney told CBS Thursday.

Game 7 viewership hit record numbers, with roughly 20.2 million viewers during the final game.

Chicago is expected to have a record crowd on hand to celebrate the Cubs. This parade should surpass the roughly 2 million that celebrated the Stanley Cup Champion Chicago Blackhawks in June 2015.