Pinkett is an African-American businessman who co-chaired Newark Mayor Cory Booker's transition team.
Corzine reportedly backed off Pinkett after the choice received negative reaction from some Democrats and newspaper editorial pages.
Corzine is scheduled to be in West Trenton Wednesday while Pinkett holds a news conference in Newark.
Corzine must make his lieutenant governor selection by Monday.
Republican Chris Christie has picked Monmouth County Sheriff Kim Guadagno as his running mate.
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