The BBC quoted the Formula One chief Bernie Ecclestone as saying: "It's exciting. It's something we've been talking about doing for an awful long time."
Tickets for the show at Fort Canning Park go on sale on Wednesday. Ecclestone also said that Singapore "couldn't be a better place" to unveil the event. "They're well, well ahead of anyone else in the world in my opinion," he added.
Broadcasters and organizers of the gig are engaged in talks about transmission rights. The event is big business as it is expected to be view in over 188 countries around the world. The F1 Rocks website claims that the show will "fuse the world's most popular annual sporting series with the most iconic music stars to create an unrivalled experience for F1 and music fans alike".