The Justice and Community Services Minister, Ronald Warsal, set the date for the vote on 29 October, following the election of council members last week.
Vanuatu's National Council of Chiefs is a constitutional body which plays a significant role in advising the government on issues relating to ni-Vanuatu language and culture.
The Vanuatu Daily Post reported chiefs from all over the country will gather in the capital Port Vila for the vote.
Nominations for candidates will be put forward on the day as part of the formal election process.
The outgoing president Chief Seni Mao Tirsupe has served for the last two five year terms.
All former Presidents of the Malvatumauri are paid a pension for life when they complete their terms.