The wedding is planned for Friday night, the source said.
The festivities will kick off with a smaller rehearsal dinner planned for Thursday night, the official said. The person spoke to The Associated Press on the condition of anonymity because they were not authorised to publicly discuss the events.
Speculation about the superstar singer and football player's nuptials has built to a frenzy in recent days, following weeks of unconfirmed reports that it would take place over July Fourth weekend at one of New York's iconic landmarks.
This week, crews have been unloading equipment from trucks outside Madison Square Garden. A large carpet was briefly unveiled outside one entrance and then promptly removed.
Nothing has been publicly confirmed by the couple, despite multiple requests from The Associated Press to Swift's representative for comment, including on Wednesday.
Mayor Zohran Mamdani responded to quetions about traffic disruptions as a result of the rumoured nuptials advised New Yorkers to stay at home.
"My recommendation to all New Yorkers is to stay inside and stay cool. And if you happen to be getting married at Madison Square Garden, you will be staying inside and you will be staying cool. And I think it's a good example to set for the city at large," he joked with reporters.
Mamdani also posted about Swift's wedding on social media.
The mayor said: "Here's what you should know about the historic heat wave headed our way. Especially if you're (hypothetically) having your wedding at MSG this weekend.
"We are entering what could be the most extreme heat wave this city has seen in over a decade. It can hit 100 degrees, with temperatures feeling as hot as 112 and staying hot into the weekend.
"We're ready, but we want to make sure you are too. Especially if you're celebrating the World Cup or the Fourth of July, or renting out MSG to get married, hypothetically."
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9°C