Councillor Brian Heading, the Leader of the SDLP Council Group, announced the decision on Thursday. The co-option is set to be approved by Lisburn Council at its monthly meeting on Tuesday night.
Mr Drake's co-option comes after the sudden death of the former Mayor, Mr O'Hagan, on December 23. Mr O'Hagan, who had represented the people of Killultagh, was the first nationalist Mayor of Lisburn and chaired several committees during his time on the council.
His death shocked the local community last month and left a big gap to fill for his party and council colleagues.
Speaking about the replacement for Mr O'Hagan, Councillor Heading said: "John Drake has been recommended for co-option to replace Peter at Tuesday night's meeting."
He added: "John will have a hard act to follow following the death of Peter but we're sure John will settle in. This is good news for the people of Killultagh and Lisburn City."
Mr Drake, who is an Inspector with Translink, is from Dromara. He is a family man and is heavily involved with the community games.
He originally ran for the SDLP in 2005 local government election, when he was unsuccessful, and he also ran in a council by-election in Banbridge.