The event will be held at Roosevelt University's Auditorium Theatre in downtown Chicago. The venue is located next to Grant Park. Ian Rapoport of the NFL Network reported in June that the league was looking for venues that would be able to host some sort of outdoor fan festival.
New York has hosted the draft since 1965. Since 2006 it has been at Radio City Music Hall.
ESPN's Adam Schefter reported earlier Thursday that the league was choosing between Chicago and Los Angeles as potential hosts.
The draft will also be held earlier than it was in 2014. The 2015 event will begin on April 30 and conclude on May 2, This year's draft ran from May 8-10. Rapoport reported in June that the league was considering adding a fourth day to the draft.
Top prospects for the 2015 draft include Oregon quarterback Marcus Mariota, Florida State quarterback Jameis Winston, Alabama receiver Amari Cooper and Georgia running back Todd Gurley.
- Dan Gartland