The Argentine joined from Liverpool in August 2010, winning 18 trophies during his spell at the Nou Camp, including two Champions League titles.
The event will take place at the Auditorium 1899 of Camp Nou and will be attended by Josep Maria Bartomeu, president of FC Barcelona, and the entire first team squad.
In a tearful ceremony held in Barcelona, Mascherano couldn't hold back his tears as the club organized a memorable farewell party for him.
Barcelona and Javier Mascherano have officially parted companies.
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An emotional Mascherano said: 'I was the fortunate one because seven and a half years ago I came here to fulfil a dream.
Coutinho's Barcelona debut has been delayed to a thigh injury but he could potentially feature for his new club against Espanyol in the second leg of their Copa del Rey quarter-final this week.
Barcelona did not release financial details of Mascherano's transfer to China. He made 334 appearances with Barcelona, but recently hadn't been playing much as coach Ernesto Valverde preferred to use Gerard Pique and Samuel Umtiti as the regular starters in the middle of the defense.
And with the arrival of former Palmeiras defender Yerry Mina earlier this month, the club have made a decision to allow Mascherano leave.
The dream is over: "I'd been thinking about this for some time".