The University of St. Andrews will present the scholarship Friday when the couple visits it to launch its 600th anniversary fund-raising campaign.
The scholarship — which has not yet been named — will pay for up to 70,000 pounds (about $115,000) in tuition costs, accommodation and living expenses for a four-year undergraduate degree in science, arts, medicine or divinity.
It will be open to applicants of all nationalities, and will be awarded annually to a student who would have been unable to attend the university without such financial support.
"This will be the first scholarship of its kind at St Andrews and a reflection of this university's commitment to ensure that we find, attract and support the most gifted students from anywhere in the world," said Louise Richardson, the university's principal and vice-chancellor.
William and his fiancee will attend a reception at the university Friday and about 600 staff and students will greet them.
The couple studied history of art together and shared a house in the town.
William graduated in 2005 in geography after switching subjects, while Middleton graduated with a degree in art history.