The 32-metre high wheel, on the site of the former Futurist Theatre on Foreshore Road, has been giving visitors birds-eye views of the South Bay and North Sea.
Hull Fair is Europe's largest travelling fair and returns to the city on Friday, October 8 after being cancelled due to the pandemic last year.
After Hull Fair, the wheel will be moved to Liverpool for Christmas, outside of St George's Hall.
The wheel is operated by Observation Wheel UK and is capable of carrying a maximum of 144 passengers with six people seated in each of its 24 enclosed gondolas.
In 2020, Scarborough Council granted permission for the wheel to operate on the site of the former Futurist Theatre for the next three summers.
Last year, the wheel had been due to leave Scarborough in October, but instead it was given permission to remain in the town over the winter period after Christmas activities in its next destination, Liverpool, were cancelled because of the pandemic.