Organisers have reportedly raised more than £58,000 to fund the blimp, which depict the Mayor of London in a bright yellow bikini.
The 29ft balloon is set to be flown in the same spot in Westminster on Saturday that the Trump blimp was flown last month.
It comes as revenge after Mr Khan approved the flying of the 20ft balloon resembling Mr Trump during his visit to the UK.
Yanny Bruere, 28, organiser of a ‘Make London Safe Again’ told Mail Online that he had been left irritated that Mr Khan “took it upon himself to speak on behalf of the UK over the President’s visit”.
He said: “Whatever anyone thinks of Mr Trump, he is still leader of the free world and should be accorded the respect of that position, especially at such a critical time for the UK as we face separation from the EU.”
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The depiction of Mr Khan in a bikini a reference to his decision to ban adverts on the London Underground promoting an unhealthy body image following a row over a poster that asked people if they were ‘beach body ready’.
The Mayor of London previously defended his decision to allow the ‘Trump Baby’ to fly, saying freedom of speech shouldn’t be limited just because it might hurt somebody’s feelings.
Ahead of the US President’s visit, he said: “I shouldn’t be the arbiter, as a politician, of what’s in good taste or bad taste, what’s important is it to be peaceful, and for it to be safe.
“And, frankly speaking, the idea that we limit the rights to protest, we limit the rights to free speech because it may cause offence to a foreign leader is a very, very slippery slope.
“The UK, like in fact the US, has a long and rich history of the rights and the freedoms to protest, the freedom of speech, the freedom to assemble. Can you imagine if we limited freedom of speech because somebody’s feelings might be hurt?”
Mr Bruere told MailOnline: ‘It’s ridiculous that he talked about the importance of freedom of speech when he gave permission for London to insult the President of the United States while imposing censorship himself upon the lives of ordinary Londoners.”