Fat Les were formed by Allen (below bottom), artist Damien Hirst (below left) and Blur guitarist Alex James (below right) for the World Cup 1998 track 'Vindaloo'.
© Rex Features / Julian Makey
Allen explained that the new song will be released for the Olympics in London as a statement against corporate sponsorship at the Games.
He said: "Apparently during the build-up to and during the Olympics we are not allowed to demonstrate nor are we allowed to have in our houses any politically inflammatory posters that could be used in a demonstration.
"Now I think people expressing themselves through sporting activity and healthy competition is wonderful but I don't believe sport should be used to prop up and endorse rampant capitalism and the idea that 70% of spectators will have to navigate their way through Westfield is sickening."
'The Official Fit Les Olympics Anthem' will be released without Alex James, but with former X Factor contestant Rowetta and Matt Eaton.
Fat Les also released novelty festive track 'Naughty Christmas (Goblin in the Office)' in 1998, along with a version of the hymn 'Jerusalem' for Euro 2000.
Watch the video for 'Vindaloo' below:
