"Sometimes it's not what I'm going to do. It's what I'm not going to do that sets your trend," he said.
In recent years, headliners have included Lady Gaga, Green Day, Eminem and Coldplay. The full lineup is available on Lollapalooza's website.
The Bonnaroo Music and Arts Festival, the other major summer music festival in the U.S., has slotted Paul McCartney, Wilco and Tom Petty and the Heartbreakers as their headliners this year. Mumford and Sons are also playing Bonnaroo, to be held June 13-16 in Manchester, Tenn.
This year marks Lollapalooza's ninth anniversary in Chicago's lakefront Grant Park. Last year's festival sold out at 100,000 visitors a day, or 300,000 over the three-day event. Three-day passes priced at between $75 and $235 for this year are sold out. One-day passes are still available.