The service will come exactly two weeks after the youngster was found dead after going missing while he was swimming with friends in the River Dee in Chester on July 22.
The funeral will begin at the family's home at about 10.30am, with a service at the Heysham Free Methodist Church at noon before it ends at Hale Carr Cemetery.
In a statement released shortly after his death, the family said: "We are devastated beyond words, Frank was a legend in the boxing world and in life. May our Young King live on forever."
Frank, who had been a member of Sharpstyle ABC boxing gym in Blackpool, had won several National Championship titles and also represented England at the European Junior Championships in 2019.
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His death sent shockwaves through the community with tributes pouring in from the boxing world, including from Tyson Fury, who said: "RIP Frank. Was a future world champ."
Police today warned local residents that a lot of people are expected to attend the funeral, and as a result there is likely to be heavy traffic in the area.
A police spokesman said: "The funeral of 16-year-old Frank Varey will be taking place in Morecambe.
"Please note that, as a lot of attendees are expected, there is the potential for some travel disruption in the area.
"We anticipate that there will be increased traffic between junction 34 of the M6, along the Bay Gateway, Westgate/Westcliffe Drive in Morecambe and Heysham Road in Heysham between 10am and 2pm.
"We have been liaising with the family and we will be monitoring traffic in the area on the day. Our thoughts are with the family and friends of Frank at this difficult time."
Stagecoach Cumbria & North Lancashire also confirmed that they will not serving Heysham Towers from 10am until around 2pm due to the funeral and expected congestion around Heysham Towers and surrounding roads. This will affect services 1/1A, 2X, 5 and 755.
Stagecoach will give updates if there are any further changes.