Lohan, 24, is scheduled to be arraigned at 1:30 p.m. Wednesday at the Airport Superior Court.
ABC7 Legal Analyst Dana Cole says Lohan will most likely be released on her own recognizance, but added that her past brushes with the law will play a big part in how the court treats her down the road.
The actress is accused of walking out of Kamofie and Co. jewelry store in Venice with the necklace on Jan. 22.
The store notified the LAPD, and a search warrant was prepared to look for the necklace in Lohan's home. An associate of Lohan dropped the necklace off at the LAPD Pacific Division Station before the warrant was served.
"We vehemently deny these allegations and, if charges are filed, we will fight them in court, not in the press," said Lohan's attorney, Shawn Chapman Holley, in a statement released Saturday.
Lohan is currently on probation for a 2007 misdemeanor DUI case.
Arrested twice in 2007, Lohan was charged with drunken driving and drug possession, but both were misdemeanors.
The "Mean Girls" star has been jailed three times in that case, but has been granted a quick release due to jail overcrowding and a requirement that bail be set on misdemeanor cases.
Lohan remains on probation for drunken driving, and a judge has threatened to throw her in jail if she runs into trouble again.
Prosecutors in Riverside County have been considering whether to press charges against Lohan for a December altercation with a worker from the Betty Ford Center, where she was being treated.
The treatment, her fifth rehab session, came after she admitted failing a drug test shortly after being granted early release from another treatment program.
The Associated Press contributed to this report.