Felipe will travel to Caracas for the state funeral with Spain's Secretary of State for Latin America, Jesús Gracias.
As the king is on sick leave after his recent back operation, Crown Prince Felipe is Spain's acting head of state.
The Spanish government won't be represented at the highest level at Chavez' funeral, as neither prime minister Mariano Rajoy nor foreign minister José Manuel García-Margallo are making the journey.
José Manuel García-Margallo is unable to attend because of problems with a perforated eardrum that prevent him from flying.
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