The princes eye a charity event to mark the 10th anniversary of their mother's death

By Simon Perry and Tim Nudd
Updated November 27, 2006 10:00 AM

Prince William and Prince Harry are planning a charity rock concert in England next year to honor their mother, Princess Diana, on the 10th anniversary of her death.

If it goes ahead, the concert will likely take place on July 1, which would have been Diana’s 46th birthday, at London’s soon-to-be-reopened Wembley Stadium.

Names that have been floated to perform at the event include The Killers (who are said to be a favorite of William, 24, and Harry, 22), Beyoncé and Pharrell Williams, who met William at a polo match in July.

Elton John, Sting, Phil Collins and George Michael are also likely to be invited to perform, according to reports.

A royal source tells PEOPLE, “People will mark the anniversary in many different ways. But whatever William and Harry decide to do will be their call and what they want. They will set the tone. Both of them are very firm about that.”

The princes’ communications secretary, Paddy Harverson, tells PEOPLE a concert is one of the ideas being thrown forward. “It is one of a number of options being considered for how to commemorate next year. But we are not ready to confirm anything yet.”

Diana died in a car crash in Paris on Aug. 31, 1997, along with her boyfriend Dodi Fayed and their driver Henri Paul. According to the Associated Press, retired senior judge Dame Elizabeth Butler-Sloss is holding an inquest into the deaths and is awaiting a report on the crash by Lord John Stevens, former head of London’s Metropolitan Police.