Multiple world champion Lampkin will need to navigate more than 200 corners on his back wheel and climb 1,385 ft (422 m) above sea level.
Lampkin and his team of engineers have spent six months developing a specially modified machine for the challenge.
The Skipton rider said it would not be possible on a standard trial bike.
Lampkin's engineering team led by Francesco Romani and Blackie Holden have based the machine on a Vertigo Combat Ice Hell - 300cc Fuel injected single cylinder two-stroke machine.
The team have made modifications to the brakes, suspension, fuel consumption and gear box.
The changes include the addition of a small electric motor fitted to the hub to keep the front wheel spinning throughout the challenge.
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The team said it is needed to allow the bike to be steered despite the front wheel being aloft for more that two hours.
They have also removed the front brake as it is not needed and the workings of the front forks to save weight.
Work has also been carried out to optimise fuel consumption and changes made to the gearbox which will mean that the majority of the TT course can be ridden in one gear.
Lampkin, who has won five consecutive World Indoor and seven consecutive World Outdoor Championships, said it will be one of his "toughest ever challenges."
The 40-year-old from North Yorkshire added that it will "push him and his machine to the absolute limit".
The Red Bull athlete hopes to complete the challenge in under two hours with an average speed of around 20 mph on 24 September.
English trials rider Dougie Lampkin has unveiled the bike on which he will attempt to continuously wheelie around the 37-mile Isle of Man TT course.