The World Superbike rider and former MotoGP world champion was hit by a car while out cycling in Rimini, northern Italy.
The 35-year-old was rushed to hospital and spent five days in intensive care but sadly died on Monday.
Messages of support and touching tributes to the 'Kentucky Kid' flooded in from all over the world and they will get their chance to pay their final respects on Monday May 29.
Hayden's family confirmed that the funeral will take place in his hometown of Owensboro at the Saint Stephen Cathedral at 12pm local time (6pm BST).
Those unable to attend will be able to watch the ceremony live on Facebook as it will be streamed through his own personal page.
Nicky Hayden crash pictures Mon, May 22, 2017
Nicky Hayden has died after being involved in a road accident while cycling in Italy
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World Superbike champion Nicky Hayden has died after a tragic accident, aged 35
The family also released this obituary, detailing Hayden's life, alongside the funeral announcement.
"Born into a large extended Catholic family in Owensboro, Kentucky, Nicky was the middle child of Earl and Rose Hayden, with two brothers and two sisters," the statement said.
"The entire family loved motorcycles, and shortly after he could walk, Nicky declared that his dream was to be a world champion.
"Although life on a farm meant that animals—horses, pot-belly pigs, even llamas—were a part of every day, for Nicky they were just novelties, and while he was a natural athlete, childhood sports leagues were little more than a lark.
Nicky Hayden's funeral will take place in Kentucky on Monday
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"Racing—for the whole family, but especially for Nicky—was everything. Apart from an annual spring-break jaunt to Panama City, Florida, family trips were to racetracks, first around the Midwest, then the Eastern US, and eventually the entire country.
"That said, there was never any doubt about where home was.
"Even after he began traveling the globe to race in exotic locales, Nicky would always return to his beloved “OWB.”
"He received his education through local Catholic schools—Precious Blood Elementary School, Owensboro Catholic Middle School and Owensboro Catholic High School—and his first jobs comprised helping out at his uncles’ nearby farms, where he began developing the tenacious work ethic for which he would be known throughout his racing career.
"He remained close with his core group of childhood friends throughout his life, and he helped many young local racers to pursue their own dreams.
"For Nicky, a distinguished amateur dirt track and road racing career transitioned into a successful stint in the AMA Grand National Championship and AMA Superbike series, in which he earned the 1999 AMA Supersport and 2002 AMA Superbike crowns with American Honda.
"He was promoted to the FIM MotoGP series with Repsol Honda, for whom he achieved his dream of earning the World Championship in 2006.
"Nicky also rode for Ducati and Aspar Racing in MotoGP, and last year he transitioned to the FIM Superbike World Championship with the Ten Kate squad.
"Along the way, his charisma earned him legions of fans the world over, while his dedication and professionalism earned the respect and admiration of his teams, teammates and competitors.
"Among those who knew him best, Nicky was cherished for his generosity, kindness, and mischievous sense of humour.
"His famous grin was never far from his lips, and he invariably had time to engage with others, even strangers.
Nicky Hayden: Tributes after tragic death of MotoGP star Mon, May 22, 2017
Tributes are pouring in for MotoGP star Nicky Hayden who has died aged 35
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"The life of any party, Nicky loved to dance, wear funny costumes, and pull pranks, often with a microphone in hand.
"Throughout it all, family was Nicky’s anchor.
"Many Americans who race internationally opt to relocate overseas, but Nicky always preferred to return home between events.
"Well into his professional career, he resided in an apartment above his parents’ garage, and even after purchasing his own home nearby, he religiously showed up for his mother’s 6 o’clock dinners when he wasn’t traveling.
"Several years ago, he purchased and refurbished an old building on an Owensboro lake, and what he dubbed Victory Lane Lodge became the family’s preferred location for functions of all types, from Sunday get-togethers to weddings.
"He loved children and was a model uncle, and friends and family say he was never happier than after meeting girlfriend Jackie, with whom he became engaged last year.
"Nicky is survived by his parents Earl and Rose; his siblings Tommy, Jennifer, Roger, and Kathleen; his fiancée Jacqueline Marin; nieces Olivia, Klaudia, Vera, Kyla Jo, and Kate; nephew Colt; and numerous aunts, uncles and cousins."