The game will start at 15h00, and will be the first ever topflight final at the venue.
Premier Soccer League acting chief executive Mato Madlala said: "We are excited to be going to Peter Mokaba Stadium. After we hosted the 2010 FIFA World Cup, we made a commitment to the football fraternity that we will do our best to utilise the venues that were built for the World Cup and to ensure they remain active.
"Also, we need to give the people from these areas an opportunity to watch cup final football. The visit to Polokwane is long overdue so we glad that it has finally happened. We can’t wait for 28 May 2016 and I hope people from Polokwane and surrounding areas will pack the stadium.
"We have been often asked to take a final to that part of the world and we know that the response will be very positive. We would like to thank our sponsors Nedbank for their cooperation during the tournament and we look forward to what would be a spectacular affair in Polokwane."
The PSL made the announcement before Free State Stars kicked off their semi-final with Orlando Pirates at Goble Park at 15h00 today.
SuperSport United and Baroka FC will start the other last-four tie at Lucas Moripe Stadium at 20h15.
Previous Nedbank Cup final venues:
2008 Johannesburg Stadium
2009 Rand Stadium
2010 Soccer City
2011 Mbombela Stadium
2012 Orlando Stadium
2013 Moses Mabhida Stadium
2014 Moses Mabhida Stadium
2015 Nelson Mandela Bay Stadium