The diversion, which will last three years, will affect people using the circular between Savick Brook and the bridge over Blackpool Road.
Lancashire County Council (LCC) says the change will keep the popular cycling and walking route open during construction of the new Preston Western Distributor road scheme and allow people to continue to enjoy it safely.
County Coun Keith Iddon, cabinet member for highways and transport, said: “We have to make sure that pedestrians and cyclists are kept safe during this work.
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"This is a slight change, which doesn’t add much to the length of people’s route, with just a short diversion in place.
“There’ll be signs up to tell people about the diversion. We ask people to be aware of these changes and any construction taking place.”
The Guild Wheel will continue to follow its existing route from the bridge to the rear of Old Hall Cottages, when the route will temporarily run along a newly-constructed section around the construction site. It will then join up to its existing route along Savick Brook.
Once the construction work has finished in early 2023, the Guild Wheel will return to its current route.
Coun Peter Moss, deputy leader at Preston City Council (PCC), said: “This diversion is vital to ensure pedestrians and cyclists are protected during the construction of the Preston Western Distributor road scheme.
"We understand how popular the Guild Wheel route is and are grateful for your patience and understanding while these works are carried out.”