The 86-year-old Playboy founder and the 26-year-old former Playboy Playmate of the Month were due to marry in June 2011, but she had second thoughts about the nuptials and called it off days before the event.
TMZ reports that the pair will tie the knot at the Playboy Mansion on New Year’s Eve.
Harris moved back into the estate earlier this year. Since then she and Hefner have worked out their troubles.
Sources reveal to the website that Harris needed time to grow up and find her own sense of independence before committing to marriage.
According to Radar Online, Harris will reuse the party favours that would have been part of the cancelled 2011 affair. The site claims that she will also recycle last year’s wedding dress.
It will be Hefner’s third marriage.