The details of the event are being withheld from the public to reduce the risk of the council being outbid.
An agenda tabled for a council meeting on Monday said councillors would be discussing a "major event proposal" during non-public proceedings.
"Securing this event will be competitive and the report's financial details are therefore sensitive," the agenda said.
"If disclosed publicly, the risk of being outbid and hindering the success of securing co-funding will increase."
Councillors were told at a finance and council controlled organisations committee meeting last week that more cash was needed to successfully bid for big acts such as Metallica.
In response to written questions, DCHL chairman Tim Loan relayed a response on behalf of incoming Dunedin Venues Management (DVML) chief executive Paul Doorn pointing out DVML would require a "bidding fund" to allow it to bid for major concerts in the future.
At the request of Live Nation, DVML had offered a "considerable sum" as incentive to bring Metallica to Dunedin, but this had still not secured the show.
Mr Loan said he believed this had been because the bidding fund was insufficient.
