The contest – a homage to the popular absurd gameshow which ran on BBC1 from 1966 to 1988 – will form the centrepiece of the Lions Club-run event taking place from 11am to 4pm on the War Memorial Recreation Ground, off Whitefield Road.
There will be competitions for teams and individuals on the large inflatable assault course between midday and 3pm.
Organisers have promised an “exciting and amusing” spectator sport, which they say is even more fun to take part in.
Through sponsorship, competitors will have the opportunity to raise funds for their chosen charities or for any group projects.
There will also be a funfair, amusements, games and live entertainment.
A wide range of community and commercial stalls will be on hand, including the Lions Club plant stall and a large display of model lifeboats in the RNLI marquee.
A bar and a barbecue will be among the refreshments available.
Mr Watson said: “The weather looks good and people seem to be quite excited about the idea.
“I think it will be one of the biggest events we’ve ever held on the recreation ground. I hope people will come and support us for all the local good causes we’ll be fundraising for because every penny raised will go to all the good causes.”
Those wishing to try their luck on the course can still sign up by visiting www.newmilton.net/knockout.html or calling Lions Club activities chairman Alan Watson on 07771 754025 by 9am on the day.
Other attractions on the day will include the fun dog show staged by the Barton-based Friendly Dog Club, offering people a chance to enter their pets in a wide variety of classes for £1.