It's the most coveted party invitation of the year, and has included in the past performances from high-profile stars such as The Black Eyed Peas, Beyonce and Prince.
To see out 2011, however, billionaire Roman Abramovich plans to outshine his previous New Year's Eve extravaganzas by spending more than £5 million on his 300 guests and hiring The Red Hot Chili Peppers.
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The star-studded event will take place at the Chelsea FC owner's £58 million estate on the Caribbean island of St Barts.
Guests will be flown in by helicopter to spend the night on yachts moored next to the billionaire’s Eclipse – the world's largest private yacht, which has an anti-paparazzi shield of infrared lasers.
The 300 party-goers have been told to wear "island chic" at the event, which will run from 10pm until 4am.
Last year Hollywood stars Demi Moore, Rosie Huntington-Whiteley, Salma Hayek, Ellen DeGeneres and Star Wars creator George Lucas were among dozens of famous names on the invitation list.
The Russian magnate isn't the only one ringing in the new year in style.
The Kardashian clan will be hosting several parties all over Las Vegas.
Kim is reportedly being paid $600,000 to host a do at Tao nightclub whilst her sister Kourtney, along with the Madden Brothers, will party it up at Chateau Nightclub & Gardens at Paris.
Other big Sin City parties include those of Fergie and will.i.am.
The Black Eyed Peas' singer will earn a cool $100,000 for performing at new nightclub 1Oak at the Mirage Hotel and Casino, according to The New York Post, while will.i.am will be DJing at Surrender.
And over in New York, Lady Gaga has been booked to perform on two NYE specials: the 40th annual Dick Clark's New Year's Rockin' Eve and the Japanese programme Kohaku Uta Gassen.