Mr Fitzpatrick worked in the music industry in Los Angeles from 1979-96, touring with artists such as Tina Turner and organising gigs for Dunedin bands the Clean, the Verlaines and the Chills.
"This is something that is very viable. It's a bone fide proposal, which would be a massive promotion for the Dunedin and the stadium.
"If we get the Stones here, it will become the first venue of choice for every big act coming to New Zealand,'' Mr Fitzpatrick said.
He will travel to Sydney next Tuesday to discuss the proposed concert with promoters. Australian promoter Rob Walker is already supportive.
"When Rob first mentioned his idea ... I immediately offered to assist," Mr Walker said.
"I am prepared to assist him in any way I can."
Dunedin Mayor Dave Cull said it would be "wonderful" to have the group return to Dunedin after 47 years.
"I would love to see the Rolling Stones here. It would be great to have them in the stadium. I'd be one of the first in line to buy a ticket."
Dunedin Venues Management Ltd chief executive David Davies said the proposed concert was still very much on the drawing board.
"They're one of the top three bands in the world and every city is going to be competing for them. It would be fantastic to see them in the city, but these things are fraught with issues. If we can pull it off, it would be a major talking point."
The Rolling Stones last performed in New Zealand in 2006 at Wellington's Westpac Stadium.