Live Nation is in negotiations with the city of Fort Lauderdale, Fla., to launch a multiple-day music festival in 2009.

During a recent public presentation to city commissioners, Live Nation officials said the new two-day music festival would likely be staged during a holiday, possibly Memorial Day weekend of next year, according to the South Florida Sun-Sentinel.

"We did make a presentation to the city, but at this time ... there really isn't anything to update," Live Nation Artists VP of publicity Caren Bell tells

Live Nation is reportedly seeking a three-year deal with Fort Lauderdale for the festival, to be held on the beach of Fort Lauderdale. The proposed event would replace the annual spring Air & Sea Show, which was canceled this year after organizers failed to lock down a title sponsor.

During the meeting, Live Nation's Mike Luba reportedly said the new festival would feature "world-class superstars" and cost $40-$50 for a weekend pass, according to the Sun-Sentinel. Officials expect the proposed event to draw up to 200,000 festival-goers per day.

Fort Lauderdale city commissioners are expected to make a decision about the festival by September.