Watch the mission live at 12:55GMT right here courtesy of NASA TV.
The two Tims will be outside for a total of six hours carrying out an essential repair. Peake explains: “Our primary task will be to replace a failed Solar Shunt Unit, which transfers electrical power generated by the solar panels.”
According to the ESA the unit is relatively easy to replace but because of the inherent dangers that come with working so close to the solar panels the team will have to work in darkness.
Before Major Peake can don the space suit however he'll need to undergo two hours of preparations during which he'll need to breathe pure oxygen.
This will purge his body of any nitrogen, thus preventing the 'bends' that he could suffer when climbing inside the low-pressure suit.
Speaking about the mission Major Peake said: Tim Peake comments, “I am thrilled at this opportunity for a spacewalk. Right now we are focusing on preparing the tools, equipment and procedures.
“Maintaining the International Space Station from the outside requires intense operations - not just from the crew, but also from our ground support teams who are striving to make this spacewalk as safe and efficient as possible.”