The agreement reached in early August ended almost eight months of an unprecedented protest movement that led to the fall of President Omar al-Bashir on 11 April, who remained in power for 30 years, before turning against the generals of the transitional Military Council that succeeded him.
During a ceremony to be held at a hall by the Nile in the capital Khartoum, members of the Transitional Military Council and protest leaders are expected to sign documents defining a 39-month transition.
Head of the Political Committee at the ruling Sudanese Transitional Military Council (TMC) Yasser al-Atta praised Egypt's role in solving the Sudanese political turmoil.
It would also establish a cabinet appointed by the activists and a legislative body.
The Forces of Freedom and Change (FFC) chose Aisha Mousa, Siddig Tower, Mohamed Elfaki Suleiman, Hassan Sheikh Idris and Taha Othman Ishaq, the coalition source said.
After weeks of tense negotiations, Sudan's TMC and protest leaders reached a preliminary agreement earlier this month following global pressure and concerns that the political crisis could ignite a civil war.
President Uhuru Kenyatta and Kenya's special envoy to South Sudan Kalonzo Musyoka were among leaders who witnessed the signing of a transitional document between Sudan Military and protest leaders.
The celebrations looked set to last deep into the night as tens of thousands of people converged on the capital's main park, spilling out of honking cars and tuk tuks.
Per the deal there will be a three-year transitional period agreed.
"We were under the control of the military for 30 years but today we are leaving this behind us and moving towards civilian rule", he said, sitting next to tomatoes piled directly on the ground.
As Al Jazeera's Hiba Morgan reports from Khartoum, the deal paves the way for a civilian-led government.
That follows the naming on Thursday of former senior United Nations official Abdalla Hamdok, a veteran economist, as transitional prime minister.
While the power-sharing compromise reached earlier this month was widely hailed as the best Sudan could hope for, some members of the protest camp feel it short-changed their revolution.
The Sudanese Revolutionary Front, which brings these groups together, supported the challenge but rejected the constitutional declaration of the agreement, demanding participation in the government and more guarantees for the peace process affecting them.