Waithe, whose series is set in the city, and Common, both of whom are also Chicago natives, will front the hour-long special, "The Chi With Love". Common will also serve as an executive producer of the event.
"The Chi has always been a show about celebrating black life and black love even in the midst of tragedy," said Waithe in a statement. "Now is a time for us to uplift black artists. This virtual concert not only celebrates black music, but it celebrates the beautiful black people of Chicago. This is from us, with love."
Bosses at Showtime, the U.S. network that produces "The Chi", have announced a $500,000 (£400,000) donation to the Equal Justice Initiative, an organisation working to end mass incarceration and excessive punishment in the United States' legal system.
"The Chi With Love" will air on June 21 at 7pm ET at https://www.youtube.com/thechionshowtime, ahead of the season three premiere of "The Chi" at 9pm ET on Showtime.