Wallenda, of the famed "Flying Wallendas" family, is looking to cross the tourist hotspot 25 stories above the ground with his sister on Sunday.
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The wire stretches from 2 Times Square down Broadway to 1 Times Square.
Nik and his sister Lijana are going to walk toward each other and meet in the middle -- without a net, but while wearing harnesses.
Nik himself was in Times Square and very busy with the preparations. Crews worked all night to raise the wire up, and a lot of manpower was involved.
He has crossed the Grand Canyon and Niagara Falls, and now, Times Square is next.
Nik and Lijana have been practicing all week in Florida before coming to the Big Apple.
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He talked about why they keep doing these death-defying stunts.
"I believe that every one of us is walking on a tight rope in one way or another, whether it be the tight rope of life and just whatever life throws at you," he said. "Whether it be a health battle or just life or relationships, etcetera, we're all on a high wire. We're all trying to get to the other side."
The stunt will air on live TV this weekend, marking the first time that Lijana has been back on the tight rope since she fell and crushed bones in her face two years ago during practice in Sarasota.
She has been recovering ever since.
Several streets were closed to traffic as the wire was installed, but pedestrian traffic remained open.
The two-hour special will air live at 8 p.m. ET on Sunday, June 23, on ABC. It will be hosted by Michael Strahan and Erin Andrews.
CLICK HERE for more information on how to watch.