The music promoter made the announcement in his introduction to the programme of the 2011 Hop Farm Festival, the fourth year of the event.
Power said: "For those of you who remember the Phoenix Festival, it's my intention to resurrect this festival next year as Glastonbury is taking a break."
It is not clear if Power intends to permanently resurrect the festival should next year's planned event be a success. Since returning to the UK outdoor circuit, Power has launched the Hop Farm Festival and the London Feis.
Michael Eavis has confirmed that Glastonbury will have one of its regular years off in 2012, with the year chosen to coincide with the London Olympics.
The Phoenix Festival was set up in 1993 by Power when he was part of the Mean Fiddler Music Group.
In 1998, the festival was cancelled due to poor ticket sales. Some acts booked to play that year's event, including a recently-reformed New Order and The Prodigy, were moved over to the Reading Festival bill.