Andy Farrell will lead the squad in search of only a second series win since 1997, and the first since the Lions beat Australia 2-1 in 2013.
Since then, there has been a drawn series with New Zealand in 2017, before a narrow defeat to world champions South Africa four years later.
This summer’s schedule starts with a send-off fixture against Argentina in Dublin on June 20, before the three-Test series starts Australia starts on July 19 and concludes with the final match in Sydney on August 2.
There is expected to be strong Irish representation in the squad, even if they did fall short in their bid for a third consecutive Six Nations title, while the likes of Fin Smith and Tommy Freeman have put their names in the hat after impressing in England’s campaign.
Caelan Doris and Maro Itoje appear to be the frontrunners to captain the side.
When is the British & Irish Lions squad announced?
For the first time, the Lions squad will be announced at a live event with more than 2,000 fans expected to be in attendance.
Lions chair Ieuan Evans will unveil Andy Farrell’s squad selection and captain on Thursday May 8 at the O2 Arena in London.
Evans said: “There is no greater honour than being selected for The British & Irish Lions and as a player, you find it tough to sleep the night before as the anticipation builds.
“Hours feel like days as you wait to hear if you are lucky enough to get that dream call-up for the ultimate experience on and off the pitch.