The Christian charity Aid to the Church in Need is behind the idea and hopes that the event will shine a light on Christian persecution all over the globe.
Peter Williams, a Catholic writer and speaker, told Premier: "It's essentially covering the Trevi Fountain red will be an opportunity... to highlight the existence of martyrdom, Christian martyrdom, and to send a prayer to God for persecuted Christians and all those who are oppressed.
"The fact that it's a water fountain suggests it's the blood of the martyr.
"From the point of view of signifying that oppression, that's very suitable, particularly because it's such an iconic place - Rome's been for centuries the centre of the Christian world, I think the idea of doing that is to really send a message and make it very public."
Christians are currently suffering violent persecution in a number of countries all over the world, for example in Iraq, Syria, Somalia, North Korea, Nigeria and China.
Pope Francis has often spoken about martyrdom in his addresses, calling victims"the lifeblood of the Church."
Peter Williams told Premier what he hoped would come out of the event: "At the very least those of us who do pray, who do believe it to be efficacious, that it does make a difference, it can [prompt people to] offer those prayers up for those of our Christian brothers and sisters who are suffering persecution and indeed martyrdom, the greatest witness to the Christian faith."
Listen to Premier's Hannah Tooley speak to Peter Williams here:
