An estimated 400,000 people attended the original Woodstock
Michael Lang, the co-founder of the legendary 1969 Woodstock festival, is reportedly seeking sponsors for a 40th anniversary reprise in New York City.
"The chances that something will happen are probable," he told the Times. "But I don't really have the answer yet as to what that will be."
Central Park has been suggested as a possible location for the event.
The Who were among the acts who played at the original concert, which took place in Bethel, New York State.
A 30th anniversary concert held in 1999 at a former air force base outside New York ended in looting and violence.
According to Billboard magazine, Mr Lang hopes the concert would be "a free event" leaving "as small a carbon imprint as we can."
To this end, he is seeking raise $10m (£6.8m) in sponsorship money.
Rock legend Jimi Hendrix famously performed at the 1969 event
"Depending on how successful we are in raising that sponsorship will determine when and how we do this event," he is quoted as saying.
Mr Lang is hoping the bill will feature such "legacy bands" as Santana, Joe Cocker and Crosby, Stills & Nash.
The Red Hot Chili Peppers are also being considered, having headlined the ill-fated event a decade ago.
Trouble began at the end of their set when what began as several small bonfires escalated into a number of major infernos.
Mr Lang admitted the 1999 concert had "ramifications" but said it had not done "any real damage" to the Woodstock name.