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They are due at Madrid Barajas airport early in the evening, before heading to Colon Square to show off the trophy.
Sunday's 1-0 victory over Germany was Spain's first major tournament win in 44 years and captain Iker Casillas lavished praise on coach Luis Aragones.
"Aragones has done a great job," he said. "He made us believe that it could be done from day one."
Thousands of fans celebrated their country's victory and are expected to line the streets as the players return to parade the Henri Delaunay trophy and Casillas added: "We have done a great job together as a team.
"I think we needed to prove a point in Europe. We have done our nation proud.
"I don't think what we have achieved will sink in for another few days."
Aragones has always said he would step down after this tournament and the 69-year-old's comments after the final suggest he has no intentions on going back on his word.
"The only thing I have to say to the manager who comes after me is to please treat them (the players) well and let them do their job," he said.
Despite seeing their side slip to defeat, German fans turned out in huge numbers to welcome the players home when they arrived back in Berlin on Monday.
An estimated 300,000 people were in front of the Brandenburg Gates, after 600,000 fans had cheered their country on the night before.
"I don't think we'd have gone so far without these great fans," said captain Michael Ballack.
"We all saw the TV pictures of what was going on back here and it felt like we had an extra man on the pitch all the time."
(BBC)
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