New York City Mayor Mike Bloomberg is also slated to take part in Wednesday night's festivities, during which the Clintons will push a button, causing the 6-ton Waterford crystal Times Square News Year's Eve ball to make its minute-long descent, thus marking the end of 2008 and the start of 2009, the New York Daily News said.
The Jonas Brothers are also set to perform at the celebration.
Thousands of police officers are to be on duty and more than 1 million revelers are expected to flock to Times Square to see the ball drop, the newspaper said.
"Times Square is so secure, it's the last thing to worry about," Bloomberg said. "There'll be a lot of police that you see (and) there'll be a lot of police that you don't see."
No backpacks or alcohol will be permitted in Times Square Wednesday night, the Daily News said.