The decision was made after a second miracle attributed to him was approved by Pope Francis.
No dates have yet been given for the canonization ceremony, Vatican Radio says. It adds Pope John XXIII, who reigned from 1958 to 1963, will also be made a saint.
Polish pontiff John Paul II led the Roman Catholic Church from 1978 to 2005.
The first miracle is said to have occurred in 2005 when a French nun recovered from Parkinson's disease after her order prayed on her behalf and she wrote down John Paul II's name on a piece of paper, the Christian Post reports.
The next relates to a case in Costa Rica with a brain tumour "experienced a miraculous healing, and the faith of her entire family was restored."