Despite a forecast of heavy showers and possible storms, rain has so far stayed away from Melbourne on Sunday ahead of the match, scheduled to begin at 7pm AEDT.
Rain has hit large parts of northern Victoria but nothing has fallen around the MCG and both teams have been able to warm-up out on the ground.
With the toss scheduled for around 6.30pm, a crowd of more than 80,000 is expected to attend the first men's T20 World Cup final in Australia.
Up to 20mm of rain and a possible storm was expected for Melbourne on Sunday, with the Bureau of Meteorology forecasting a 100 per cent chance of showers.
To constitute a match, a minimum of 10 overs per team is required, unlike the group stage when only five overs per-side was needed to complete a game.
If the final is washed out, world governing body the ICC has left Monday as a reserve day with play beginning at 3pm.
But inclement weather was also forecast for Melbourne on Monday, with a 95 per cent chance of showers and up to 10mm of rain predicted.
If play starts on Sunday and is later stopped, the game will resume on Monday from where it left off.
In the event rain washes out any prospect of play the competing teams will be forced to share the T20 trophy in what would be a first for an ICC tournament.
It comes after three games at the MCG during the group stage were abandoned due to wet weather.
Another match, also involving England, was shortened because of rain as Ireland upset their highly fancied opponents.
England captain Jos Buttler said that shock loss was a turning point for his team's tournament.
"The weather around Melbourne was dominating the whole tournament at that stage and was definitely a distraction at times," he told reporters on Saturday.
"We've seen a reaction to that game in the rest of the cricket we've played."
England are trying to become the first team to hold the ODI and T20 World Cups at the same time after their memorable win in the 2019 50-over final at Lord's.
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