One of the largest music festival's in the US is looking to stick around for a while.

My Morning Jacket's Jim James at Bonnaroo 2006.

The organizers of the annual Bonnaroo Music & Arts Festival are wrapping up a deal to buy 530 acres of the site on which the event is held each year in Manchester, Tennessee, according to the Associated Press. The sale of the farmland to Bonnaroo producers Superfly Productions and A.C. Entertainment could be completed by next week, landowner Sam McAlister told the AP.

The organizers plan to build several permanent structures on the site, including stages and water, bathroom, and food facilities, as well as a power grid. They also plan to use the land for additional, smaller events throughout the year.

All of those things will require permits, so the event organizers will retain a long-term lease on 300 acres of adjacent land to host this year's festival, which is set for June 14 to 17. No lineup has been announced yet, although organizers usually begin unveiling the roster of bands in early February.

In 2006, Bonnaroo became the highest grossing music festival in the world, taking home $14.7 million from the event and selling 80,000 tickets, according to Billboard. The 2006 lineup included Radiohead, Beck, Tom Petty and the Heartbreakers, Elvis Costello, Bonnie Raitt, Sonic Youth, Oysterhead, and dozens of other bands.

The festival Web site says "early bird" discounted tickets have sold out. Regular tickets will go on sale when the artist lineup is announced.