Thousands of service members are set to take part in President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE's planned military parade in Washington, D.C., in November, according to a new report.

A Defense Department source familiar with the parade planning told ABC News that 5,000-7,000 service members could march in the parade, joined by lighter ground vehicles and a mix of old and new aircraft.

The parade is also expected to feature military aircraft, ground vehicles and horses.

U.S. Northern Command confirmed the figure of "several thousand" marching service members to ABC, adding that thousands more would be operating as support staff and security for the event. The current cost for the parade is estimated at $12 million, according to CNN.

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ABC reports that about 50 Pentagon staffers are currently involved in planning the event, but added that the number is expected to grow to as many as 3,000 by the week of the parade.

Joint Chiefs of Staff chairman Gen. Joseph Dunford said in a March memo obtained by the news outlet that the Pentagon would forego including tanks in the parade to "minimize damage to local infrastructure," while the parade is expected to include a "heavy air component at the end of the parade, to include older aircraft as available."

"It is anticipated that several thousand Armed Forces personnel will participate in the parade, as well as provide ceremonial support including musical units, marching bands and color guards, to render appropriate ceremonial honors to our Nation's military members, Veterans and their Families," said a spokesman. "The parade will honor the contributions of veterans, the current force, and the future force. More details and specifics about the Veterans Day Military Parade will be announced at a later date."

Trump told Fox News earlier this year that the expensive event will be "great for spirit" in the military, adding that his top generals "would love" to host such an event.

"I think it's great for spirit, the military loves it, they love the idea ... we have a great country and we should be celebrating it," he said.