Organisers hope that the Corby Glen Sheep Fair will still be well-supported, despite auctioneers Richardsons of Stamford and Escritt Barrell and Golding of Grantham cancelling the auction because of a low number of entries for sale.
Steve Honeywood, one of the organisers, said: "This is very disappointing news, but our weekend of celebrations will continue with a full programme of events.
"We look forward to seeing sheep back in the village to continue the traditional sale, which dates back 770 years."
Activities taking place on Saturday include a children's day with a free circus workshop at 11am in the grounds of the primary school, a fun run starting from the Market Place at 12.30pm and a pet show at 2pm. There will also be a tug of war, a craft market, a beer tent and live music.
On Sunday the crowds are due to be entertained by bands and dancers from across the area.
There will also be a village football competition and an appearance from Rory Underwood, the former England Rugby Union player.
There will also be a parade of vintage vehicles and a steam vehicle will be on display and the opportunity to take part in a scarecrow trail around the village.