Bangkok-based project manager Kittipong Jeamtrakan told Phuket Governor Tri Augkaradacha this week that backers would spend about 20 million baht and hope to generate 40 to 50 million baht in revenue.
The two day and night event would he held at Karon beach on as-yet unspecified dates, he said.
Top bands from England and Europe were likely to be headliners, with international and Thai DJs.
''It will be positive for Phuket after so much bad news,'' Khun Kittipong said.
Governor Tri said he liked the idea but wondered whether it was wise to hold such a large free event.
Phuket did not want a full moon party style event where alcohol and possibly drugs could be a problem, the governor said.
He added that if the project went ahead, Phuket authorities would need to be consulted about all aspects of security.
Previous beach parties on Phuket have been both widely acclaimed and criticised, mostly for noise in the surrounding neighborhood