It will be staged at the newly-built U.S. Bank Stadium in Minneapolis and will also feature "prominent pop stars of today on guest vocals."
Sources claim Gaga and Wonder are among those rumoured to appear, although Prince's longtime attorney, L. Londell McMillan, has told the Associated Press that the appearances are yet to be confirmed.
An official announcement about the tribute show will be made next week (beg05Sep16).
October will be a big month for fans of the late Purple Rain star - Bremer Bank officials, who were appointed special administrators for the singer's estate following his death in April (16), have announced the gates to the singer's Paisley Park compound will open for daily public tours from 6 October (16).
Confirming the news last month (Aug16), the late star's sister Tyka Nelson said, "Opening Paisley Park is something that Prince always wanted to do and was actively working on. Only a few hundred people have had the rare opportunity to tour the estate during his lifetime. Now, fans from around the world will be able to experience Prince's world for the first time as we open the doors to this incredible place."
Visitors will get a guided tour of Paisley Park's main floor, which features Prince's recording and mixing studios.
Prince's body was found slumped in an elevator inside the Paisley Park compound just outside Minneapolis. His death was ruled an accidental overdose of powerful painkiller Fentanyl.