The billionaire will host the call with Weidel on X, the social media platform that he owns, on Thursday at 7pm with X users able to tune into the discussion live.
According to a spokesperson for Weidel, the conversation will focus on freedom of speech, among other topics, and will be held in English.
The German politician and entrepreneur have never met in person, though Musk has recently emerged as a vocal supporter of the AfD.
A matter of hours before the scheduled call, the Bundestag administration told DPA reporters it was monitoring the event as a potential breach of campaign rules.
Though the public discussion has not been billed as a campaign event, the AfD has been heavily promoting the talk with a countdown on their social media platforms in recent days.
With snap elections set to be held on February 23rd, parties began their official election campaigns earlier this month.
Asked whether the call could be classed as an illegal party donation, a spokesperson at the Bundestag said authorities were "currently investigating the facts of the case".
READ ALSO: Scholz tells Germans (and Musk) 'social media won't decide election'

Under German law, political parties are generally forbidden from accepting donations from foreign sources - including in the form of adverts and campaign events.
In a landmark ruling back in 2020, the Berlin Administrative Court found that advertising campaigns for the former AfD politician Jörg Meuthen were illegal party donations. The campaigns had been organised by Swiss company Goal AG during state elections in Baden-Württemberg.
The AfD, which has taken a strong pro-Russian stance in the wake of the Ukraine war, has previously been accused of maintaining close financial ties to the Kremlin and pro-Russian organisations.
Influencing German elections?
Musk - a billionaire ally of US President-elect Donald Trump who is set for a role in the incoming administration - has provoked fury across Europe with a string of recent attacks on the continent's leaders, including German Chancellor Olaf Scholz and UK Prime Minister Keir Starmer.
He has also floated the idea of donating £100 million to the right-wing populist Reform UK party, which would be a breach of Britain's political finance rules.
In Germany, Musk has also incited outrage by repeatedly endorsing the far-right AfD in the upcoming elections - including in a recent op-ed for the right-wing newspaper Welt.
In it, he claimed Germany was "on the brink of economic and cultural collapse" and portrayed the AfD as the "last spark of hope" for the nation. The publication of the article prompted senior journalists at Welt - including the opinions editor - to resign in protest.

In response to Musk's commentary, several German politicians have accused the South Africa-born entrepreneur of attempting to meddle in foreign elections.
"After Donald Trump is sworn in as US President on January 20th, he should be asked whether the repeated disrespect, defamation and interference in the election campaign were also made in the name of the new US government," SPD parliamentary leader Rolf Mützenich said in a seething comment to Deutsche Welle.
READ ALSO: Scholz slams 'erratic' Musk comments, support for AfD
Other political figures, however, have played down Musk's ability to influence the behaviour of German voters.
"It remains the case that he's not really contributing to anything policy-wise, and that he doesn't really know how political discussions work in Germany," Linke politician Clara Bünger told DW.
In a pointed speech on New Year's Eve, Chancellor Olaf Scholz (SPD) also made his own feelings clear on the issue.
"German citizens alone will decide where Germany goes from here," he said. "It will not be decided by the owners of social media channels."
With additional reporting by DPA
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