The special EuroMillions Millionaire Raffle draw is being held to celebrate the festive season.
The National Lottery says that 25 people will bank 1 million by Christmas Day.
The draw will smash the existing world record for the most millionaires in a single draw when more than 18 lucky players come forward and received their giant cheques.
The National Lottery currently holds the record after Big Draw 2000 on New Year's Eve, 1999.
A National Lottery spokesman said: "Everyone will be excited about the Christmas Eve draw. It will be amazing to create 25 millionaires and hopefully smash the world record.
"A million pounds must surely be the ultimate Christmas gift and for 25 ticketholders across the country this is guaranteed to be the most amazing Christmas Day ever."
There have been more than 2,500 millionaires or multi-millionaires created by the National Lottery in the past 16 years, while the Millionaire Raffle guarantees the creation of an extra 52 millionaires every year.
EuroMillions Millionaire Raffle is a UK-only game that is part of the EuroMillions ticket.
The National Lottery has raised more than 25 billion for good causes since it began.