The singer died in an elevator at the 65,000 square-foot complex in Minneapolis in April.
The trust company overseeing his estate announced Paisley Park will open for daily public tours from 6 October, provided the city approves the plan.
Prince’s sister, Tyka Nelson, said: “Opening Paisley Park is something that Prince always wanted to do.”
The singer died after an accidental overdose of the painkiller fentanyl.
Officials investigating his death said earlier this week the pills had beenmislabelled as hydrocodone, a weaker type of opioid.
“Only a few hundred people have had the rare opportunity to tour the estate during [Prince’s] lifetime,” Nelson said.
“Now, fans from around the world will be able to experience Prince’s world for the first time as we open the doors to this incredible place.”
The company that runs Elvis Presley’s Graceland will manage the project.
More than 20 million people have visited Graceland, where Presley died in 1977, since it opened to the public – with around 600,000 annual visitors in recent years.
The plan says the tours will include studios where Prince recorded and mixed his songs, and the soundstage where he rehearsed for tours and hosted private concerts.
Tickets will cost $38.50 (£29.10) for the 70-minute tour but VIP tours will also be offered to small groups.
As the plan will require approval from the city, a planning commission hearing has been scheduled for 20 September.