The base of the family ride at Clarence Pier has been put together and workers are now busy assembling the rest of it before the Easter break.
Co-owner Jill Norman previously said the 110ft ferris wheel – which will feature 24 gondolas, each seating six passengers – would be open to the public from Good Friday.
But now it’s anticipated the ride will be up and running by Wednesday, ahead of the bank holiday weekend.
As reported, Clarence Pier splashed out £750,000 on the structure, dubbed the ‘Solent Wheel’, which arrived on a ferry from Caen on Saturday night.
The ride has been built in Italy by attractions firm Technical Park.
Speaking to The News, Mrs Norman said: ‘It’s very exciting.
‘We’ve already had a lot of interest from people, which is really positive.
‘It’s looking impressive already and I can imagine how impressive it will be once its reached its full height.’
She added: ‘It will be another reason to come and visit Clarence Pier.
‘I am sure the businesses around us are feeling pretty excited about it, because it will lift the area, increase their business and put us all on the map.
‘It will be an added boost to Southsea.’
Adult tickets will cost £6 each and it will be £4 for children aged four to 16.
Toddlers aged one to three can go on the ride for £2.
Visitors can also pay £40 for the ‘ultimate VIP gondola experience’, which will include a glass of bubbly for those 18 and over.
The VIP gondola will take a maximum of four passengers.
Children under 120cm in height must be accompanied by a responsible adult who is over 18.
The wheel will be set up six months of the year, from Easter to October.
During term time, it will be open 11am to 6pm Monday to Friday and be open 11am to 9pm at weekends and during school holidays.
Pier owners secured permission to build a bigger 130ft wheel back in 2007, but the economic downturn meant plans were shelved.