De Blasio said that a live parade will occur this year, but that a re-imagined parade will be created to watch on television and online.
"[Macy's is] reinventing the event for this moment in history. And you will be able to feel the spirit and the joy of that day," de Blasio said.
The TV broadcast-only parade will be filmed over two days and have about 25 percent of the usual number of participants, Macy's said Monday.
"Following the success of this summer's re-imagined Macy's 4th of July Fireworks show, the Macy's team meticulously reviewed every area of the Thanksgiving Day playbook to put in place enhanced health and safety practices that align with CDC guidelines, as well as local and state government protocols," Macy's said.
Instead of the parade's usual 2 1/2-mile route, the floats, balloons and musicians will stay on the streets surrounding Herald Square, the department store.
Signature giant helium balloons will be affixed to special trucks for the event.
High school marching band participants must be at least 18 years old to participate, the parade organizers said. Participants will wear masks and observe social distancing.
The 94th Annual Macy's Thanksgiving Day Parade will be broadcast on NBC on Nov. 26 from 9 a.m. to noon EST.