Organisers are resurrecting the summer event, which in the past attracted 10,000 visitors, after an online petition on Facebook was backed by 1,200 people.
Last year's event was cancelled following complaints about noise and traffic disruption and management concerns about the increasing scale of the occasion.
But the raft race management team says it has secured the full backing of the community, including local businesses and councillors.
The event, to be held on August 9, has been cut from two days to one to make it more manageable and will be hoping to set two Guinness World Records in one day by attempting to stage the world's biggest river raft race and biggest fancy dress street party.
Organising committee member Richard Ash said: "The event was always great but it got so big that it almost became a full time job to organise.
"Having rested it for a couple of years we believe that we can bring back a fantastic one day event that will be the pinnacle of the summer for the Deepings and the surrounding area."
After last year's cancellation an online petition was set up to save the event, via networking site Facebook, signed by more than 1,200 people.
Organisers now have Market Deeping Town Council, Deeping St James Parish Council and local businesses on board.
The race, which had taken place for a decade before being cancelled last year, will be on Sunday, August 9. It will be preceded by The Deepings Raft Race Dance on Saturday, August 1 at The Deepings Leisure Centre.
In the past more than 10,000 visitors have flooded the weekend spectacle and special celebrity guests have included pop act the Cheeky Girls More than £75,000 has been raised for charity during its lifetime.
Money will go towards Sue Ryder Care to support Thorpe Hall Hospice in Peterborough. Organisers are actively seeking sponsors.
Competitors wishing to take part in the spectacle have to build their own rafts, get sponsored and then prepare to sail from Bridge Street, in Deeping St James, to the centre of Market Deeping.
www.deepingsraftrace.co.uk