Peacebeliever's version of the song is due for release next week and will feature vocals from Aussie artists including Blue King Brown, Tim Freedman, Katie Noonan and Don Spencer, together with international artists such as Newton Faulkner.
The group's founder Yolanda Vega told the ABC: "The fact that Yoko Ono has allowed a new verse to be added says everything about her support for the project.
"We've got artists singing from every corner of the world on the record, plus more than 100 children, so the flavour of the song is now universal.
"It's the peace anthem of all peace anthems. 'Give Peace A Chance' is the most basic line people remember, and the fact that we've now added a Spanish verse means an extra 600 million people can understand the message."