Jay-Z, Beyonce Hosting Obama Fundraiser at 40/40 Club in NYC

President Obama is getting a little bit of help from his friends.

our editor recommends

Snoop Dogg on Why He Supports Barack Obama (Video)

'Homeland' Star Damian Lewis' Surprising Discovery About President Obama

Already relying on Hollywood to deliver bundles of cash for his re-election bid, the president will now be feted at an event in New York City by Jay-Z and Beyonce, two long-time supporters and pals of the Obama family. The event, to be held next Tuesday at the rapper's upper crust 40/40 club, tickets will cost $40,000, and, according to the New York Post  be limited to 100 guests.

The campaign, in keeping with its emphasis on grassroots fundraising, is also offering small donation donors a chance to win a trip to New York to attend the event.

PHOTOS: The 20 Biggest Political Players in Hollywood

Jay-Z and Beyonce have a long history with the Obamas; she sang at the president's inauguration, as well as hosted a fundraising dinner for him in March. More recently, Obama sent a video message to Jay-Z's music festival in Philadelphia.

The coupling of celebrities and grassroots donors has worked wonders for Obama; this summer, a contest to win a trip to a fundraiser hosted by George Clooney helped skyrocket the haul to around $15 million.