The event is still in the early stages of planning, but might include commemorative T-shirts, a catchy slogan and live music, The Miami Herald reported.
The city is sponsoring a citizens committee to plan the event, the Herald said.
In 1961 the stadium was used to house 35,000 Cuban exiles who were waiting to hear a speech where President John F. Kennedy promised them a free Cuba.
City Commissioner Tomas Regalado was the man behind the idea of using the stadium for a party timed to Castro's death.
"He represents everything bad that has happened to the people of Cuba for 48 years," Regalado said of Castro. "There is something to celebrate, regardless of what happens next ... We get rid of the guy."
But, Regalado also said he prefers to think of the event as a celebration of the end of communism, comparing it to the fall of the Berlin Wall.