Prince William and Prince Harry are reported to be considering organising a charity pop concert to mark the 10th anniversary of their mother's death.
The concert would raise money for charities favoured by the princess
Wembley Stadium could stage the event next summer, the Sunday Mirror reports.
Proceeds from the event, which would be televised worldwide, would go to causes favoured by Princess Diana, it says.
BBC Royal Correspondent Peter Hunt said the princes want to have control over how the 10th anniversary of Princess Diana's death is handled.
Our correspondent said Clarence House is expected to confirm plans for the anniversary in the coming weeks.
Prince William is said to be a fan of R&B singer Beyonce
The princes are thought to be examining several options but a concert appears to be their preferred choice, he added.
Sir Elton John, a friend of the princess who performed Candle In The Wind at her funeral, is thought likely to appear on the bill.
The song, which was rewritten as a tribute to Diana, became the biggest-selling single of all time.
The former royal press secretary, Dickie Arbiter, told BBC News 24 the idea for the concert came from the princes themselves.
"It's a good idea and I think the sooner they get it out as an official announcement, out in the public domain, that everybody can go about organising it, asking the right people," he said.
He added: "Pop stars have got full diaries for the next few years, so it's giving up a day to appear in a pop concert is going to take quite some planning."
Other artists who are likely to take part include Beyonce, George Michael and Kylie Minogue, according to The Sunday Times.
Stars appearing at the concert would be asked to waive their fee to benefit a number of charities championed by both Diana and the princes.
Sunday Times royal watcher, Christopher Morgan, told the BBC the "imaginative idea" was a sensible way to mark the anniversary.
"Many people think they've been a bit muted about sharing their thoughts of their mother."
One possible date for the concert could be 1 July, which would have been Diana's 46th birthday.
The princess died in a Paris car crash on 31 August 1997.