The two-hour requiem mass, to be celebrated by Catholic Archbishop of Sydney Anthony Fisher, will be streamed online from 11am as COVID-19 restrictions have limited the guest list to invited family and friends.

Mr Fahey was NSW premier from 1992 to 1995 and played a key role in the bid for Sydney to host the 2000 Olympic Games before going on to become federal finance minister.

He died on September 12 after a battle with leukemia.

The principal of Chevalier College in Bowral, Chris McDermott, on Thursday announced a scholarship to be named in honour of Mr Fahey "to help a student in the same way as John was helped by a competitive bursary to study here".

"We are able to commit to offering that scholarship commencing in 2022, 60 years after John graduated," he said.

The school is planning to host a hometown memorial event, probably next year once COVID-restrictions allow for large public gatherings and when his daughter Melanie is able to travel from her home in the US.

Mr Fahey will be buried privately after the mass on Friday away from the media spotlight.

The funeral service and mass can be watched on www.nsw.gov.au/statefuneral.

Australian Associated Press