Derry City Council has signed a £1 million deal with MTV to stage a two-day music festival in the city in September.
Mirroring the huge success of last year's Big Weekend, the MTV concert will run over two days held at Ebrington Square.
Revellers will have to wait a few weeks until the headline acts have been confirmed but thousands are expected into the city just as the tourist season winds down.
Outgoing mayor Martin Reilly, who concluded his year as first citizen by sealing the deal with MTV, said the global brand had been looking at staging a major event in Derry since 2012.
He added: "MTV had been in discussions with Mark Durkan MP in 2012 about trying to get a suitable location for them to come to the city and that had continued right through 2013."
Last year Derry shone during the Big Weekend three-day music extravaganza which was broadcast across the UK.