Best Coast, The Kills, Antony Hegarty from Antony and the Johnsons and ZZ Top's Billy Gibbons have also lent their talents to the project.
The album is produced by Randall Poster, who recently worked on the Buddy Holly tribute project Rave On.
Sonic Youth's Lee Ranaldo and Dinosaur Jr's J Mascis have also collaborated for a cover of 'Albatross'.
The New Pornographers and Best Coast have both covered Fleetwood Mac in the past.
The currently untitled album will be released in the US on September 14. A UK release date has yet to be confirmed.
The full tracklisting is as follows:
Entrance Band - 'Green Manalishi'
Crystal Ark - 'Tusk'
Best Coast - 'Rhiannon'
The New Pornographers - 'Think About Me'
MGMT - 'Future Games'
Marianne Faithful - 'Angel'
Antony Hegarty - 'Landslide'
Ranaldo and Mascis - 'Albatross'
Trixie Whitley - 'Before The Beginning'
Washed Out - 'Straight Back'
Super Wolf - 'Storms'
The Kills - 'Dreams'
Gardens And Villa - 'Gypsy'
Billy Gibbons - 'Oh Well'
Lykke Li - 'Silver Springs'
Listen to Best Coast's previous cover of 'Storms' below: