The Log Flume will close on Sunday to make way for a new thrill ride – due to be ready for summer 2007.
Pleasure Beach bosses remain tight lipped about their plans for the new attraction but refused to deny claims it could be a stunning new multi-million pound rollercoaster.
In August 2004 The Gazette revealed fun park managers were considering a huge new fun ride which would take thrill-seekers out over South Promenade on to a specially built pier. Other options believed to be under consideration include a new water ride.
The Log Flume will take its last ever passengers at 4pm on Sunday and fans are planning a special send-off for the much-loved ride.
A Pleasure Beach spokeswoman said the Log Flume pools are being drained.
Opened in 1967, the Log Flume was the first of its kind to be built outside of the United States and at over 2,500 feet long, it was claimed to be the longest anywhere in the world.
Built by Utah-based Arrow Dynamics, the water ride was inspired by the way logs pass through man-made flumes down Canadian mountains on their way to the saw mill.
Originally the ride opened with 24 five seat boats and was refurbished in 1999 to speed up loading.
More than 19,000 gallons of water is pumped up from the reservoir every minute to ensure the boats float around the course.
The closure of the Log Flume will leave the smaller Beaver Creek flume and Valhalla as the only water rides at the park.