While Hefner will not be present in the flesh, this will be the first time in years the founder gets involved in a foreign edition's Playmate of the Year selection.
The lucky lady selected as Playmate of the Year will win prizes that include a R50 000 pendant with black and white diamonds and a trip to the Playboy mansion in Los Angeles.
Playboy South Africa editor-in-chief Charl du Plessis says the magazine's circulation has grown 30% in the past two months, with new digital subscriptions the highest seller.
"We have turned the corner from a tough first year and we see the conversation changing away from the boring nudity-or-not towards one of how to get brands involved in this passionate and happy man-space," says Du Plessis in a statement.
"It is becoming pretty hard to ignore Playboy," he says.
The VIP event will be held in Johannesburg and will be followed by another event open to the public on Saturday.