The First Family would have dinner at their Hyde Park home late in the evening. Then Mr Obama would deliver a speech to his supporters in the city, according to Obama's campaign team at Iowa.
"President Obama will spend the Election Day in Chicago. In the morning and the afternoon, he will participate in a dozen satellite interviews in battleground states, where he will highlight the progress the country has made over the last four years and his plan to continue to move America forward in the next four years," the campaign said.
"Tuesday afternoon, President Obama will honour his Election Day tradition of pickup basketball with friends and staffers. Then, the First Family will have dinner at their home in Hyde Park," the campaign said.
"The First Lady will participate in several regional satellite and radio interviews on Tuesday, in which she will encourage supporters to vote and to volunteer to help get out the vote in their communities," the campaign said.
Vice President Joe Biden and his wife Dr Jill Biden will vote in Wilmington, Delaware, before travelling to Chicago, where they will also participate in regional radio interviews.
Mitt Romney, the Republican Presidential candidate, would travel to Cleveland in Ohio and Moon township in Pennsylvania after casting his vote in Belmont, Massachusetts.
After Pennsylvania, Mr Romney would go back to Boston to deliver his post-election address to his supporters. Congressman Paul Ryan, his vice presidential running mate, would travel to Cleveland in Ohio and Richmond in Virginia on the Election Day.