The Who will begin their Moving On tour in April 2020, with the Cincinnati concert taking place on April 23 at North Kentucky University's BB&T Arena.
The original concert took place a few miles away at Riverfront Coliseum.
Representatives for The Who did not immediately respond to a request for comment from CNN.
"It is right to recognize that the friends and families of those fans we lost that fateful night have not forgotten them," Daltrey said in an interview with WCPO.
"For many years we have been in contact and supported the Finneytown High School memorial foundation in memory of the three students they lost," he said.
"After seeing the good work the scholarships provided by the foundation achieve, we have decided that a concert to raise funds for them will allow these to continue and create something positive in their memory way into the future."