A cover of REM's haunting ballad Everybody Hurts will be the Live Aid-style Haiti charity single and feature the likes of singer Leona Lewis, boy band JLS and veteran rocker Rod Stewart.
Crooner Michael Buble has also signed up to sing, The Sun said, with Robbie Williams, Coldplay, Take That and Sir Paul McCartney also in talks to join the project.
Pop and TV mogul Simon Cowell has teamed up with the newspaper to organise the fund-raising effort, which should see the single released later this month.
Proceeds are to be split between the Disasters Emergency Committee (DEC) and the Sun's Helping Haiti campaign. The Government said that VAT on the record will be waived to maximise revenues.
Cowell said: "We are all working hard to make this single a success and to raise lots of money for Helping Haiti.
"We have a short time to do this and the people in Haiti need as much help as we can possibly give them as soon as possible.
"I'd like to make this record with as many different types of singer as we can and I hope everyone in the industry comes together to get involved. The response has been fantastic."
Will Young, X Factor winner Joe McElderry and hip-hop trio N-Dubz are also said to have expressed an interest in singing.
US band REM's Everybody Hurts was a big hit back in 1993, and is a favourite at the group's concerts.
Band manager Bertis Downs told The Sun: "We are deeply touched the song has been chosen for this Haiti campaign.
"It means a lot that the song the guys wrote all those years ago will be used for such an important appeal."
REM is to waive royalties on the charity track.
Prime Minister Gordon Brown said that the single will make a "huge" amount of money for the rescue efforts.
"Simon Cowell can make a huge amount of money to help the people of Haiti."
© Press Association