Last year's Lollapalooza was to be a traveling affair, but was canceled in June based on ticket sales that were "the worst I've ever seen," one promoter said.
This summer's gathering will remain in the Windy City for the July 23 and 24 performances that could include Beck, the Killers, Kings Of Leon and Widespread Panic, Billboard.com said.
Lollapalooza's Web site will go live with the details Friday.
Festival co-founder Perry Farrell and the William Morris Agency will be joined by Capitol Sports and Entertainment, which books the Austin City Limits festival in Texas, this year.
Lollapalooza, launched in 1991 to showcase alternative music, takes its name from the slang term that means "something or someone striking or unusual."