Lollapalooza in Chicago until 2018?

Both the Sun-Times and the Tribune have reported that a new deal between the Chicago Park District and Lollapalooza organizers C3 Presents could keep the festival in Chicago until at least 2018 and bring in at least $13 million.

According to the Sun-Times, the deal will likely be approved next Wednesday, November 12, when it is brought to the Chicago Park District Board.

The current deal, signed in 2006, is set to keep the festival here until 2011, so the new deal would extend its stay for at least seven years. If Chicago is chosen to host the 2016 Olympics, Lollapalooza would be canceled for one or two years, which would then be tacked on to the end of the deal to extend it until 2019 or 2020.