The 27-year-old who was the youngest candidate to have appeared on the BBC One show at the age of 21 died of an asthma attack last month.
His funeral will take place at St Ninians Church in his hometown of Douglas on the Isle of Man.
Mourners have been asked to think “outside the box” like Baggs when wearing something blue in his honour.
Baggs, who ran his own communications firm on the island, was found dead on July 30.
The businessman became a cult favourite with his steady stream of catchphrases whilst on the TV show and his description of himself as “Baggs the brand”.
He was knocked out at the interviews stage and the series was eventually won by Stella English.
Baggs died as a result of his asthma, which he had suffered from for many years.