The club hopes the seven-hour showcase headlined by Jimmy Barnes, Noiseworks, Ian Moss and Shannon Noll will draw a crowd of 6000 and generate a six-figure profit.
A football-themed band could also feature on the bill.
The brainchild of chairman James Brayshaw, Aussie Rock on Arden Street will take place on March 12 and may become an annual event if it proves successful.
North will make a substantial donation from its proceeds to My Room, a cancer foundation for children.
"We see this as a real opportunity to bring the whole of North Melbourne together - supporters, the local community and other lovers of music - and actually have a benefit for the club, the community and one of our charities," chief executive Eugene Arocca said.
"We wouldn't go to all of this trouble if we weren't able to make some impact on our debt and if we weren't able to also give some money back into the community in a tangible way.
"We would look to repeat it every year and continue to make Arden Street a living, breathing part of the community that other football clubs could probably envy."
Initial plans were for the concert to be held in March 2010 - following the club's unveiling of its state-of-the-art facility - but it proved logistically impossible.
A stage will be set up on a hill to the side of the field, with the entire oval made available for patrons. Other areas will be allocated to marquees and corporate guests.
The event will be glass-free and some parts of the oval will have protective covering.
Arocca said there were no concerns for the surface on the eve of the season and that the impact on training sessions would be minimal.
"This will be no different in many regards to a family day function," he said.
"The recovery of the oval will probably take two or three days ... but we're fairly confident that the boys will be able to train on the oval the next week.
"Of course there might be the odd divot, but it's not our expectation that there'll be trucks or other vehicles on the oval.
"North Melbourne members should not be worried about the state of the oval post-function."
Arocca confirmed that North would hold three or four other events next year in a bid to erode its debt of roughly $5 million.
Tickets for Aussie Rock on Arden Street will go on sale to the public through Ticketmaster and the Roo Shop on Thursday. North Melbourne members will get $20 off the standard ticket price of $79.90. Entry is free for kids under 12.
