The application to Leicester City Council, which includes public notices posted in the area, is currently open for representations from the community until 1 November.
Objections to the event have already been received by the council's licensing department and, if they are upheld, then the festival application must go to a licensing committee hearing.
Live Nation told Event it could not comment at this time, but it is expected that any committee hearing to decide the fate of the application would be held at the end of November.
The application comes a month after the announcement that Leicester's Summer Sundae festival, which launched in 2001, would be axed from the city's events calendar.
Leicester's Summer Sundae was not held in 2013 but was expected to return next year. It has now been permanently cancelled due to financial pressures.
More than 12,000 fans attended the most recent Summer Sundae, which was held at De Montfort Hall in 2012.
Comment below to let us know what you think.
For more in-depth and print-only features, showcases and interviews with world-leading brands, don't miss the next issue of Event magazine .
Follow