The duo have covered the Bing Crosby and David Bowie classic 'Little Drummer Boy/Peace On Earth' in support of the charity.
After enthusiastic support from fellow Radio 2 presenter Chris Evans, several record companies showed an interest and the track is set for release on December 8.
"It was a fantastically surreal experience recording at Abbey Road Studios with Sir Terry Wogan and, with tremendous support from the Chris Evans Show, the song is gaining momentum daily," Jones said in a statement.
"I don't know if this wave of support will take us all the way to Top Of The Pops but we're having a lot of fun helping raise money for Children In Need."
Wogan added: "Aled Jones sings like the canary that he is but listeners may also detect my croaking in the background and wonder if it's a rumbling of the stomach!"
The single will feature three bonus tracks from other personalities at the station. Clare Teal has recorded 'Swing On A Star', Sally Boazman sings 'Puff The Magic Dragon' and Mark Radcliffe covers 'Right Said Fred'.
A minimum of £1 from each CD sold will be given to the charity, while 20p per download and 60p per bundled download will be donated.