Prince's life will be celebrated at his Paisley Park home and recording studio complex in Minnesota on the first anniversary of his death in April (17).
Family and friends are planning a four-day festival at the compound.
More acts will be announced in the upcoming weeks.
Stevie Wonder and Chaka Khan headlined the first official Prince tribute concert following the singer's death at the Xcel Energy Center in St. Paul, Minnesota, last month (Oct16).
Chaka was one of the first acts to take to the stage, and delighted the audience as she brought Stevie out to duet with her on I Feel For You - the Prince song that was a hit for Chaka back in 1984.
The couple also performed one of Prince's most beloved songs, 1999.
Tori Kelly, Doug E. Fresh and Jessie J were among the other musical stars at the concert, which opened with a taped message from President Barack Obama.
Several of Prince's family and friends were present for the musical celebration, including his younger sister Tyka Nelson, ex-wife Mayte Garcia and close pals Morris Day & The Time, Judith Hill and Liv Warfield.
Meanwhile, Prince's former backing band The Revolution reunited for the first time in five years for an emotional show at the Minnesota club featured in Purple Rain in September (16).
Wendy Melvoin, Lisa Coleman, Matt Fink and their bandmates took the stage at First Avenue in Minneapolis to pay tribute to their late leader. Wendy led the group as it belted out a string of Prince hits, including Let's Go Crazy, When Doves Cry, Raspberry Beret, and 1999.
Prince died from an accidental overdose of the painkiller fentanyl in an elevator at his Paisley Park estate in the Minneapolis suburb of Chanhassen in April (16). He was 57.