The Big Day Out music festival will remain on the Gold Coast after a deal was struck between organisers and the State Government.

The event has been held at Parklands for several years but the site is about to be developed into an athletes village for the 2018 Commonwealth Games.

That raised questions about the festival's future and at least two regional councils volunteered to host it.

But Queensland's Tourism Minister Jann Stuckey has intervened, signing an agreement with organisers to keep the event on the coast for the next five years.

She will not reveal how much money the Government is contributing to relocate the event.

Big Day Out's chief executive Adam Zammit says he is hoping to finalise a new location for the Gold Coast show within weeks.