The union is seeking a £500 bonus for members who work during the Olympic Games.
Staff working on the DLR, Tube and London Overground have all agreed extra Olympic payments.
Although London’s bus services are regulated by TfL the drivers and other staff are employed by private bus companies.
Operators Arriva, Metroline and Go Ahead have won an injunction at the High Court to block their workers from striking but those employed by other companies will go-ahead with the walkout which starts at 03:00 BST on Friday.
On Wednesday Mayor Boris Johnson told London Assembly members that the Olympic Delivery Authority was providing an additional £8.3 million to settle pay claims.
The Mayor also called on the union and employers to settle their dispute. However talks between the parties at the conciliation services ACAS broke down on Thursday evening without agreement.
Leon Daniels, TfL’s Managing Director of Surface Transport, said: “There is no reason for this strike to go ahead.”
Daniels said Londoners needing to travel on Friday should “use other transport services, to consider walking and cycling for shorter journeys and to check before travelling at www.tfl.gov.uk/buses.”
Measures announced by TfL include:
- London Buses staff and volunteers from across TfL will be on the streets and at key transport hubs across London to provide travel advice and distribute walking maps.
- TfL will operate a full service across the Tube network, with extra staff on hand to assist passengers.
- Full services will also be operated on the Docklands Light Railway, London Tramlink and London Overground networks with additional staff deployed to assist passengers.
- Marshalled taxi ranks will operate at a number of key rail hubs including Victoria, St Pancras, Waterloo, Liverpool Street and London Bridge.
- A full service will also be operated by London River Services, which includes River Bus services that operate high frequency services between various key piers.
- During the course of the strike bus passes will be accepted on reasonable alternative routes on Tube, DLR, and London Overground – affected passengers should seek assistance from staff at the gate lines.
- TfL has also emailed around 1.5 million registered bus users advising them of the likely disruption and urging them to check before they travel.
- Additional distribution staff will work throughout Friday to ensure Cycle Hire Scheme docking stations are able to meet demand at key locations.
