AceShowbiz -

In the wake of wedding reports which details are still being kept under wrap, here comes a new report suggests that Rod Stewart is planning to marry fiancee Penny Lancaster in a lavish £1million June wedding.

The rocker is said planning to spend such amount of money on their big day which is set to take place at the exclusive Italian Riviera Portofino resort on June 16th. "They have hired a venue in the town and he is going to charter a couple of private jets to get his guests there. It is going to cost a small fortune but he wants it to be a memorable day," Britain's The Sun newspaper quoted a source as saying.

The happy couple has reportedly invited numbers of celebrities, including Sir Elton John, David Furnish, Mick Jagger, Scottish comedian Billy Connolly, and Paris Hilton, all of whom has been sworn to secrecy about the wedding.

Rumors on the street say the nuptials will take place at the Hotel Splendido, the place where Richard Burton proposed for the first time to screen beauty Elizabeth Taylor.