The Prince's Trust has cancelled its annual Party in the Park concert in London to make way for a possible Live Aid II event.
1985's Live Aid was split between London and Philadelphia
Live Aid organiser Bob Geldof has so far denied there would be such a concert, billed as Live 8.
But the BBC said it was in "discussions" with Geldof to screen the concert from Hyde Park on 2 July.
Acts linked with the concert include U2, the Rolling Stones, Sir Paul McCartney and Joss Stone.
Chief executive of The Prince's Trust, Martina Milburn, said it was "delighted to support Live 8", and that Party in the Park would return next year.
The concert is expected to support the Make Poverty History campaign, highlighting the situation of millions of children who are dying because of poverty every year.
Artists including U2, Keane and McFly have been lending their support to the cause, and concerts have been organised in cities around the world as part of the campaign.
Although Geldof has played down reports of a Live Aid concert, his spokespeople confirmed there were discussions about holding shows to raise awareness of Africa's plight.
An announcement is expected in the next few days about the Live 8 concert in London. A similar event may also take place on the same day in Washington.
The original Live Aid concert was held in 1985 at Wembley Stadium, and in Philadelphia.
The latest concert would co-incide with the G8 conference being held in Scotland, where the heads of the world's largest economies will discuss alleviating debt.