The Mississippi Transportation Commission, the attorney general's office, members of the state's congressional delegation and local officials had asked the NSTB for a public hearing.
The hearing will be held at 9 a.m. at the Montgomery County Courthouse in Winona.
Grenada Railway LLC asked the NSTB on Sept. 20 to allow it to abandon the track and sell it for scrap.
The rail line runs through Grenada, Montgomery and Carroll counties and in parts of Holmes, Yazoo and Madison counties.
The entire Grenada Line runs 175 miles from the Tennessee border to Canton, Miss.