The 51-year-old actor and Heard, 28, will wed in an intimate ceremony at his Little Hall's Pond Cay island home, reported the New York Post.
The guest list will apparently include just 50 people, including Heard's family and Depp's children with former girlfriend Vanessa Paradis.
The guests will reportedly stay on a yacht during the festivities. Heard will wear a gown by Stella McCartney for the ceremony, according to the sources.
The couple chose the February 7-8 weekend after working around their various schedules. "She's filming a movie in London, and he's getting ready to film the next 'Pirates of the Caribbean' in Australia. So this is the only time that everyone could get together," the insider said.