The event marks the debut of a two-day format and a more diverse musical lineup, Billboard reported.
Tour founder Perry Farrell will also be involved as a DJ or host, although his band Jane's Addiction is not expected to perform.
Offers are also out to such acts as Black Rebel Motorcycle Club, Le Tigre and the Fire Theft, while the String Cheese Incident is said to have already signed on for the event.
"The only theme to the whole thing is eclectic music not driven by the commercial marketplace," said Marc Geiger, the agent for Lollapalooza at the William Morris Agency, one of the founders of the festival.
The rock festival returned after a five-year absence in 2003 and grossed $13.7 million from 25 shows.
2014: The Year in Music [PHOTOS]