The festival, which could attract as many as 12,000 people to the venue, might also lead to a community fund to help people in the town.
This year's show, set to take place on July 11, will include performances by Adam Ant, Midge Ure, ABC, Tony Hadley, Go West, Nik Kershaw and more.
And the hugely popular concert could be returning for the foreseeable future.
Members of Shrewsbury Town Council's recreation and leisure committee heard that organisers UK Live were looking to lock down three further concerts.
Officers said: "They were hoping we would consider a three-year agreement for the Shrewsbury event. It's something we are agreeable to. It's about setting the right rates."
Councillor Jane Mackenzie, who represents the Column ward, asked for more information about a potential community fund.
Helen Ball, the town council's clerk, said: "Organisers said they want to put a bit more into Shrewsbury because it's a lovely venue and they always enjoy coming.
"He said he was quite happy to set up a considerable sum for something, be it for something physical, or if they help fund something.
"It looks good for them not just to come into the town and then disappear."
Councillors were also given a report on the number of visitors to the Quarry across January.
Nearly 113,100 people came to the Quarry from January 1 to February 1, with an average dwell time of 100 minutes.
Councillors heard that there were an average of 3,648 visits every day, and that the busiest time was between 3pm and 4pm.
There are an average of 183,000 visitors per month, across a year, but officers were happy with January visits despite cold weather.
Tickets are still available for the Let's Rock Shrewsbury Festival. They currently cost £42 each, though as more are sold the price will go up.
Closer to the date of the concert, prices will rise to £48 and then £55.
For more information about the Let's Rock Shrewsbury festival, or to buy tickets, visit letsrockshrewsbury.com