Guy Chambers will produce a cover of 'He Ain't Heavy, He's My Brother' by The Hollies in support of families who lost loved ones at the Hillsborough stadium in April 1989.
Gerry Marsden, John Power, Jon McClure of Reverend and the Makers, Richard Hawley, Mick Jones of The Clash, the Justice Tonight band, Rebecca Ferguson, Ren Harvieu, Pete Wylie and Dave McCabe of The Zutons are also among those who have already committed to the single, with further artists expected to be announced in forthcoming days and weeks.
Chambers said at Thursday's (October 25) announcement: "I'm very happy with the artists we have already, but obviously I know Sir Paul McCartney was mentioned, so if he did join our happy little band of talent then that would be amazing."
Kenny Dalglish, who joined Chambers and Steve Rotheram MP at the launch, said: "The single really promotes and endorses what the families have fought for for 23 years, and I'm sure they get tremendous solace and confidence from the fact that people are totally supportive towards them and their cause.
"Now the truth has come out, the support for the families is overwhelming and we just need to move forward and make sure they get the best result they possibly can."
The track will be released on December 17, with the aim of securing the Christmas number one spot.
The artists involved are giving their time for free, and proceeds will go towards the legal costs of fresh inquests into the disaster, which led to the deaths of 96 people.
Watch The Hollies perform 'He Ain't Heavy, He's My Brother' below: