The new event from the organisers of the Glastonbury Festival will be called "Variety Bazaar".
Michael Eavis told Glastonbury FM the new event's name had been registered and is expected to debut in 2019 at a site "towards the Midlands", 100 miles away from Glastonbury Festival's home in Somerset.
"I've been a risk taker all my life. I mean 47 years of taking risks really and so far touch wood, I haven't come unstuck so far. This might be one risk too far, I don't know," he said.
Emily Eavis tweeted: "We're still planning an event in the future at a different location - which we are calling Variety Bazaar. But Glastonbury Festival will always be called Glastonbury and will remain at Worthy Farm!"
Glastonbury, which will return in 2020, is taking a year off in 2018. The festival takes a fallow year every few years in order to give the farm land time to recover. Glastonbury's most recent fallow year was in 2012. There had previously been speculation, later denied, of a new festival in Longleat.
Tickets for Glastonbury 2017 sold out in 50 minutes in October. There will be a resale of returned tickets in the spring. Radiohead are the sole announced headliner to date.
Emily Eavis recently paid tribute to Music Week's Artist Of The Year Coldplay after the band's triumphant fourth Glastonbury headlining slot earlier this year.
