The flower spike can come up at any time, but not while there's a leaf.
It takes several days to open fully and the rotting meat smell attracts flies for pollination.
Botanic Gardens visitor services officer Charmaine Scott said a visit to the lily would provide a nice contrast to the beautiful tulips and spring blossom.
"We estimate it will be flowering this weekend and by Tulip Sunday the smell is likely to be at its worst."
She said the lily grows well indoors but takes around seven years to flower.
"Then, when it does, you'll wish it hadn't because you'll have to move out or put the lily in a shed to get away from the stench."
Spring Festival launches this weekend with Tulip Sunday and its display of 25,000 blooms, followed by a week of more than 30 other events.