Over the past 16 months, the ballpark has hosted concerts by Paul McCartney, The Rolling Stones and Taylor Swift.
Padres CEO Mike Dee said he hopes more concerts will be held at Petco Park in the future.
"These are big events, not just for us but for Petco Park and for the city of San Diego,'' Dee said.
"The city is on fire when we have concerts of this magnitude here,'' Dee said. "We're just very excited. Businesses down here benefit -- hotels, the local economy. This will be a regional draw, because this is the only concert that Billy will be doing in the state of California.''
He said the outfield at Petco Park will be re-sodded during a Padres road trip in late May, so that the field is in good shape in time for baseball's All-Star Game in July.
Tickets for the general public go on sale Jan. 22.