The concert tour, founded by Canadian musician Sarah MCLachlan, Dan Fraser and Terry MCBride of Nettwerk Music Group and talent agent Marty Diamond, ran from 1997 to 1999 and raised over $10 million for charity. It was relaunched in 2010, but financial problems plagued it from the beginning and resulted in 13 shows on the North American tour being cancelled due to poor ticket sales.

But Sharon believes the time is right for another similar festival, and thinks Formation singer Beyonce would be the perfect person to front it.

"I would like to see somebody like Beyonce do something like they used to do at Lilith Fair, all women," she explained to Billboard. "I think that needs to be done again... There are so many great female artists and singer-songwriters coming up. I think it’s wonderful."

Sharon spoke as she joined estranged husband Ozzy at a press conference in Hollywood on Thursday (12May16) to unveil the details and line-up for the "mind-blowing double-header weekend" of Ozzy's Ozzfest and Slipknot's Knotfest in California in September (16).

As she attended the event, Sharon admitted she never had any inkling that Ozzfest would be as successful as it has been, 20 years after its 1996 creation.

"Looking at the Ozzfest film we played earlier and all the guys from the bands - they were all babies then," she said. "They’re all men now and doing extremely well and it’s just been an amazing experience to have met with and worked with such great people. And also to know the fans went away happy."

The upcoming double-header could be the start of several collaborative events between Ozzfest and Knotfest, Sharon added. But she said discussions about a future event have yet to begin.

"We haven’t talked about it, but Corey (Taylor, frontman) and the guys in Slipknot are such good friends, they’re just the best," she explained. "There’s a big place in our hearts, we’ve known them for so long. Their album wasn’t even released when they did their first Ozzfest, so they were just a baby band. It depends."