The event for up to 70,000 people, submitted by SJM Ltd, could be held in June if the licences are approved by the council.
The same company that organises the annual V Festival in Essex and Parklife Festival in Manchester has applied for a licence for live music, refreshments and alcohol sales at the airfield.
Last month, Sussex Police outlined their requirements if the event is to take place.
This included limiting the capacity to 25,000 people for the first event, the provision of free drinking water and a ban on glass bottles.
Residents have raised concerns of the traffic it will attract to the area, but others have welcomed the idea of hosting a big music festival.
The licensing committee meeting will be held at 7pm on Wednesday, January 7, at the Council Chamber, Civic Centre, Shoreham.
The deadline for responses to the licensing application has now passed, but the meeting is open for the public to attend.