The evening will be hosted by Steve Lamacq and come from the world-famous BBC Maida Vale studios, the scene of many a Peel Session.
Throughout the evening, every studio at Maida Vale will be taken over as a host of bands perform and talk about Peel and the music he loved.
Other bands and artists taking part include Supergrass, Robert Plant, Underworld, Siouxsie Sioux and The Buzzcocks.
The evening begins with 'Teenage Dreams So Hard to Beat' from 7pm as Radio 1 takes a look back at the career of the man in an hour-long documentary celebrating his life.
This will be followed from 8pm by two-and-a-half hours of live music from bands that Peel championed, including The Wedding Present, Melys, Steveless, Trencher, Hefner, Stuart Murdoch, Graham Coxon and Nina Nastasia with other bands to be confirmed.
The last segment of the evening running from 11.30pm-1am will see DJs take over, with performances including Dynamite MC, Alex Patterson, Dave Clarke, Hixxy and Coldcut.
According to Lamacq: "It should be a really special night, for friends and family. Many of the bands and DJs who are coming down are part of Peel's extended musical family -- and everyone's been terrifically helpful and enthusiastic in organising the show."
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