Hyde Park will host a number of concerts this year as part of the new Barclaycard British Summer Time season.
Replacing the Live Nation concerts, the latest festivals will include performances from top artists such as Bon Jovi.
The festival will see a large area of the Royal Park transformed into a village green complete with pub and farmers' market – costing around £5 million. Organisers AEG Live has also promised that there will be high-quality toilet facilities available to ticket holders costing £1.5 million.
Jim King, AEG Live's event director for British Summer Time, said: "We are so proud to announce this. Bon Jovi epitomise the ambition of our vision, a huge global name who have proved themselves in Hyde Park before.
"This is about raising the game. We take the customer experience we provide at venues like The O2 and recreate that for the best outdoor venue in the world. Our zones will be built like film sets, with quality food and drink, incredible entertainment, theatres, farmers' markets and great products."
Visitors staying in central London hotels will need to act quickly to get tickets as the total capacity for the events has been lowered from 80,000 to 65,000. It has also be decided to change the position of the main stage to reduce noise pollution for residences backing on to Hyde Park but it also means the performers should be able to play a maximum levels.
Bon Jovi will play on July 5th and there will be various ticketed gigs on the weekends of June 28th to 30th and July 5th to 7th. Tickets will go on general sale on February 1st.