The 'new generation' version of the classic sci-fi 1978 album will be recorded by Wayne, featuring a new cast and new interpretations of the original tracks.
Neeson will take on the role of the Journalist/narrator, originally played by Richard Burton.
Kaiser Chiefs frontman Ricky Wilson will play the Artilleryman, which was originally David Essex's role.
The album is yet to receive an official release date.
It will be followed by a full UK tour of the 'new generation', to commence in November.
The tour will see Neeson being used in 3D holography in three different ways. He will appear as the first full body hologram seen on stage interacting with live actors, as an 11ft high holographic head above the stage, and as a projection on to a 100ft-wide 'animation wall'.
"After long consideration, I concluded that for future productions, some of HG Wells's storylines and characters should be re-explored," Wayne said in a statement.
"It would also give me the chance to re-interpret my compositions with the production techniques of today, exciting from a musician's point of view."
Wilson confirmed earlier today (June 6) that he will join the tour later this year. However, he explained that he could not divulge much information about the project, telling BBC Breakfast that Wayne might "set the aliens" on him.
The 1978 album has sold over 3.6 million copies.
A live tour based on the album began in 2006, featuring many of the surviving voice talents including Justin Hayward, while the likes of Russell Watson, Jennifer Ellison and Rhydian Roberts have taken on roles during various productions.