The Irish Sun reported that a source said that the event "will be huge."
Other notable musicians, such as Oasis' Noel Gallagher, Adele, Florence And The Machine, and Paul McCartney are likely to be asked to perform at the event. The hope is that a globally televised benefit event will put pressure on Russia's Vladimir Putin.
A source said: "It's going to be huge, properly A-list and on a global scale."
"It's something people have wanted to do for a while but a date has now been nailed down and booked at Wembley Stadium. Invitations to perform are going out think and fast to the biggest names in the business."
“Of course, there is an awareness that at relatively short notice many superstars will have prior commitments."
“But they’re optimistic that a number of those they’ve spoken to are already on board."
“For bands like U2 and Bono, who are pretty outspoken about their views on war and conflict, it feels like a great opportunity to keep hammering home the severity of the situation out in Ukraine."
One potential downside to the event is that it would fall on the same date as Glastonbury, one of the largest music festivals in the world. This would inevitably make some of the musicians unavailable to perform at the event.
The current format of the event, including the venue, is similar to the one used to raise funds for Ethiopian famine victims in 1985, which featured Queen. There was an estimated 1.8 billion people who watched the legendary event.
Russia launched a large-scale invasion of Ukraine in late February of 2022, and the conflict is still ongoing. Ukraine recently released a note that featured the American and Canadian flags, calling attention to the aid that they have received from their Western allies.