The Greater London Authority, headed by the capital’s mayor, Sadiq Khan, gave the green light for the huge inflatable effigy to be released.
Organisers plan to fly the “Trump Baby” which depicts the world leader in a nappy clutching a mobile phone, over Parliament Square on Tuesday.
This is the second day of the US president’s state visit and thousands are expected to march in protest against the three-day trip.
The protesters are now waiting permission from London’s Metropolitan Police who allowed the Trump Baby to fly during Mr Trump’s visit to the capital last July.
The Trump Baby team, which is part of the Stop Trump coalition, have said they are confident police will allow the balloon to fly again.
The organisers had said they would only fly it, if the public donated £30,000 for charities “pushing back against the politics of hate and division”.
Having successfully reached that total, they said it will now take to the skies.
The money will go to three UK and three US groups. In the UK, it will go to the UK Student Climate Network, Jawaab, which fights racism and Islamaphobia, and Sisters Uncut, which addresses domestic violence.
In the US, climate change activists the Sunrise Movement, immigrant support group, United We Dream and abortion rights group Planned Parenthood, will also receive some of the money.
The organisers are now hoping to raise £50,000.
“Let’s just say things didn’t go so well for Donald last time round, as Trump Baby spread around the globe like a climate change fuelled wildfire – publicly torching his fragile ego before sending him packing with two fingers firmly raised,” they added. “Well, if Trump’s back, then Trump Baby needs to be there to greet him,” they said in a statement.
Mr Trump was also greeted by massive protests during his state visit to the UK last year.
At the time, the president said that although he “used to love London as a city,” he felt “unwelcome” because of the demonstrations.
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