It's the first time the UK's most prestigious arts award has been held outside England, and organisers expect tens of thousands of visitors.
It all means a new lease of life for some of the historic buildings in the former Ebrington army base.
The old barracks once echoed to the sound of army boots - now they're home to the hushed expectation of the arts élite.
Officially known as Ebrington's Buildings No. 80 and 81, they have metamorphosed from army to arty.
Under the leadership of the urban re-generation company Ilex, they've been remodelled into 21st century galleries and exhibition spaces created specially to welcome one of the greatest arts prizes in the world.
The Turner Prize exhibition is one of the key events in the city's year of culture and with the work complete, the buildings will be handed over to the Tate Gallery, which organises the Turner Prize.
Previous winners of the prize include some of the arts world's greatest names - like Damien Hirst and Anthony Gormley.
Caoimhín Corrigan, Cultural Broker with ILEX, told UTV: "There's no doubt it brings a huge level of prestige to the building and the site - but also to the city.
"The exhibition has been to BALTIC [Centre for Contemporary Art ] in Gateshead in 2011 and they had almost 150,000 visitors. Now that's a much higher population around that area - but we're expecting certainly to be at least half that - maybe more.
"Numbers would tend to be 70-80'000."
This year's nominees include a Scottish cartoonist who directed a Blur music video and a Ghanaian painter.
French film maker Laure Prouvost is nominated for Wantee at Tate Britain and a two-part installation. She has been recognised for her unique approach to film-making, which is described as "surprising" and "unpredictable".
Her recent films have included the creation of a montage of images of the natural world in which she attempted to interpret the taste of the sun.
Lynette Yiadom-Boakye, who is of Ghanaian descent, is the first black woman to be nominated.
Her innovative paintings depict imaginary figures in a traditional style and raise questions about how the viewer reads pictures, particularly with black subjects.
British-German artist Tino Sehgal's work of "live encounters" between people has previously seen the Tate Modern's Turbine Hall filled with storytellers who engage with visitors. He is the first person to be nominated who specialises in this form of art.
Scottish visual artist David Shrigley is shortlisted for his solo exhibition Brain Activity, a comprehensive overview and new perspectives on his "intelligent" and "macabre" work, which encompasses drawings, photography, sculpture and film.
His words have been interpreted in recordings by David Byrne and Franz Ferdinand and he directed the promo for Blur's Good Song.
The nominees, who each take away at least £5,000, were announced at Tate Britain in April, and chosen by a jury headed by Penelope Curtis, the director of Tate Britain.
The Turner Prize, won last year by Elizabeth Price, was established in 1984 and is awarded to a British or British-based artist under 50 for outstanding work in the previous year.
The Turner exhibition will be on show at Ebrington from 23 October to 5 January 2014. The winner, who will receive £25,000, will be announced at an awards ceremony in the city on 2 December.