The rapper is said to have recorded new lyrics to the track for a rush release in time for England's quarter final against Italy in Euro 2012 on Sunday, reports The Sun.
The track was organised by Simon Cowell in 2010 for the World Cup in South Africa.
Also featuring James Corden, and sampling 'Shout' by Tears For Fears and Blackstreet's 'No Diggity', the song reached number one in the summer of 2010.
The new version will reflect the current members of the squad, including the likes of Danny Welbeck, Andy Carroll and Alex Oxlade-Chamberlain, along with coach Roy Hodgson.
He said: "We've remixed the song to make it sound like we're gonna win this time."
Dizzee Rascal is currently working on the follow-up to 2009's Tongue n' Cheek.
Watch the video for the original version of 'Shout' below: