The band announced on Wednesday that it will perform at Hanging Rock on February 28 as part of its History of the Eagles tour.

Macedon Ranges Shire Council mayor Roger Jukes said he was looking forward to welcoming "rock 'n' roll royalty" to the shire.

"I think it’s all credit to Frontier Touring for being able to secure such legendary acts for such an iconic location," Cr Jukes said.

"There are multi-million dollar benefits to the region," he said.

"And certainly that's the region, not just the Macedon Ranges, but neighbouring shires."

Cr Jukes said seeing a concert at Hanging Rock was a "completely different experience" to seeing one at Melbourne's Rod Laver Arena.

"It’s a visual experience and a cultural experience," he said. 

"These bands have been around so long, they are part of musical history."

Macedon Ranges Accommodation Association vice president and Isabella at Kyneton accommodation owner Dianne Padgham said it was fabulous to have such high-profile musicians visit the region.

"Usually most people wait until they have their tickets to book accommodation," Mrs Padgham said.

"Usually all the properties fill up," she said.

"You get a lot of people who wait until a week or a day before to book. We suggest people try to book their accommodation early for any concerts."

The Eagles will follow in the footsteps of Leonard Cohen, Rod Stewart and Bruce Springsteen, as well as The Rolling Stones, who are set to perform in November.

Council figures show 34,000 people attended Bruce Springsteen's two concerts in March last year, with an estimated economic benefit of $9.7 million million to the region.

Rod Stewart and Leonard Cohen's concerts in February, 2012, and November, 2011, had estimated impacts of $2.3 million and $1.9 million.