The concert initiative has been led by Live Nation and it is understood the event will feature major international stars, will take place in April, and will be held at one of London's premier venues such as Wembley Arena.
It is also understood that the show will be broadcast in the UK via the BBC and in the US via NBC. The aim is to raise as much money as possible toward the post tsunami relief effort.
Live Nation director of special projects Graham Pullen says that the project is very much in the pipeline and that Sony and Universal are among the companies enthusiastically trying to make it happen.
"We are looking at artist options at the moment and in some cases are waiting for answers from people but the feedback we have had so far from artists, labels and management has been 100% positive," says Pullen. "We hope to be able to announce something very soon".
Meanwhile all four major record labels have worked together to release a charity album entitled Songs For Japan with all proceeds going to the Japanese Red Cross.