Hyndburn is one of 1,000 locations on the torch’s national tour ahead of next summer’s London games.
It is hoped that hundreds of residents will line the streets when the torch passes through Accrington, Oswaldtwistle and Baxenden on June 23 next year.
Council leader Miles Parkinson said: "It’s going to be a year of celebrations for us with the Olympics and the Queen’s Diamond Jubilee.
"We’re very excited to have the Olympic torch relay coming through Accrington."
Councillor Ciaran Wells, cabinet member for leisure, said: "We want as many people as possible to line the route to cheer the Olympic flame along the way, as it makes history on its route through the borough."
Graham Jones, MP for Hyndburn and Haslingden, called on employers to allow workers time off to watch the torch pass by.
He said: "It is a great honour to be part of the torch’s journey.
"I know that people in Haslingden and Hyndburn are big sports fans and appreciate that the Olympics put Britain on the world stage.
"It would be fantastic if local schools, employers and workers got behind the event and gave their support.
It would be great to see as many people as possible lining the streets as the torch passes marking a very special ‘once in a lifetime’ event."
The 70-day Olympic Torch Relay, will start at Land’s End on May 19 and travel an estimated 8,000 miles around the UK.
It is not yet known who will carry the torch through the streets of the borough. Thousands of nominations have been submitted and 8,000 people will find out in February if they have been successful.
Visit www.london2012.com/olympictorchrelaymap to find the nearest place the flame will pass through.