A source with knowledge of the situation tells CNN that music producer Clive Davis had been planning a concert in Franklin's honor for "several months" before her death on Thursday.The tentatively titled "Clive Davis Presents: A Tribute to Aretha Franklin" is set to take place November 14 at Madison Square Garden in New York.Following Franklin's death at the age of 76 on Thursday, Davis told CNN's Don Lemon, "I'm absolutely devastated by Aretha's passing. She was truly one of a kind. She was more than the Queen of Soul. She was a national treasure to be cherished by every generation throughout the world. Apart from our long professional relationship, Aretha was my friend. Her loss is deeply profound and my heart is full of sadness."Related: Tributes pour in for 'Queen of Soul' Aretha FranklinDetails on the lineup for have yet to be announced. The event will be produced in partnership with Live Nation.CNN has contacted Davis's representatives for comment.Franklin, dubbed the Queen of Soul, died at her Detroit home surrounded by family and friends. The "official cause of death was due to advanced pancreatic cancer of the neuroendocrine type, which was confirmed by Franklin's oncologist, Dr. Philip Phillips of Karmanos Cancer Institute in Detroit," the family statement said.The funeral for Franklin will be held August 31 in Detroit, according to the singer's publicist, Gwendolyn Quinn.