This year's balloon will be "Charlie Brown and the Elusive Football," which first appeared in the 2002 parade and has made several appearances since then.
The Charlie Brown balloon will be accompanied by a float featuring the Peanuts characters on the ground. Macy's says, "As Charlie Brown returns to the sky over the Macy’s Parade, his Peanuts pal Woodstock helps guide the way down the route. Snoopy’s famous doghouse is air traffic control headquarters and Woodstock is the official in charge. Checking out the scene to watch Charlie try to catch that elusive football will be the Peanuts gang including Snoopy, Lucy and Linus."
(The Snoopy balloon is not being retired, as some news reports might have you believe - Snoopy's just letting Charlie Brown have a turn this year, as he has in some previous years.)
You can watch the Macy's Thanksgiving Day Parade on NBC from 9 AM - Noon (all time zones) on Thanksgiving Day, Thursday, November 22.