The "Purple Rain" star's siblings are organising the first official event in honour of the music icon on October 13 at the US Bank Stadium in his hometown of Minneapolis, reported ABC news.
The late icon's family said that they are "excited for the opportunity to bring everyone together for the official family celebration of Prince's life, music and legacy, and there is no better place to do it than his hometown of Minneapolis."
Performers for the concert are yet to be announced, but tickets will go on sale next month.
Prince died of a drug overdose in April this year aged 57.
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