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He may be able to shed light on some of the Inquiry's central questions:
:: What commitment did Tony Blair make to George Bush?
:: When was any British commitment to military action made?
:: Why did the Attorney General, Lord Goldsmith, change his mind on whether or not the war was legal?
The former British Ambassador to Washington, Sir Christopher Meyer has suggested that the decision to support America's objectives came not in 2003 but much earlier.
He told the Inquiry that he had no idea the extent to which a deal was "signed in blood" at a meeting between Bush and Blair in Texas in early 2002.
In his book, DC Confidential, Meyer wrote: "By this stage [March 2002] Tony Blair had already taken the decision to support regime change, though he was discreet about saying so in public."
Tony Blair's 'sofa-cabinet' style of government has been criticised a number of times in the Inquiry.
Former International Development Secretary Clare Short claimed in her appearance that many of the key decisions were made in 'little chats' outside the official cabinet setting.
Lord Prescott's personal views on the war are also likely to be examined.
In an interview with the New Statesman Magazine last December, he revealed that he now wonders how he agreed to go along with the UK's involvement in the war.
"I do wonder, looking back now, having the privilege of discussing with Tony [Blair] about all this: how did I then go along [with it]?"
He also referred to the changing opinion of the Attorney General, who first said the war would not be legal, then said it could be legal and finally said it was legal.
Lord Prescott said: "If you say, 'Was Goldsmith a happy man about this?' No, he wasn't... That's quite different from saying, 'No, I'm sorry, my view is that it's illegal, I'm not supporting it.'"
Lord Goldsmith claimed in his evidence to the Inquiry that he concluded the war to be legal after detailed discussions with officials at the United Nations who drew up Resolution 1441.
Known for his straight-forward language, his appearance is likely to be somewhat of a spectacle.
He told the New Statesman that he often imagined how Mr Blair could have stood up to President Bush.
"I've often thought, 'Well, you [Blair] could have just said 'Sod you ... we're not doing it.'"
And he claims to have told Blair: "Listen, Bush is crap - you know it, I know it, the party knows it."
Lord Prescott's evidence is due to begin at 9.30am.
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