The festive classic is to be given an update for an upcoming new version of Christmas animated classic The Snowman on Channel 4 this December.
Editors are also said to have expressed interest in recording a cover version of the song, reports The Mirror.
"The Snowman animated film, from which the song comes, is getting a modern twist and there are a lot of beardy blokes - who remember the film from their childhood - who are really keen to get involved," an insider claimed. "Everybody wants to pay homage to the Yuletide carrot-nosed legend.
"Tom Meighan and Serge Pizzorno from Kasabian and Tom Smith from Editors were among the first to be asked, but the producers hope to rope in the likes of Noel Gallagher and the indie elite, too.
"Nobody wanted to do a straight cover of such a classic song, so it had to be a bit different. This was the only way The Snowman could possibly get any cooler."
The track will reportedly be recorded by the end of November for inclusion in the film.
Channel 4 confirmed plans to make a new version of the classic 1982 film last December. It was originally stated that 'Walking in the Air' would be replaced with a new original song.
'Walking in the Air' was performed by Peter Auty in the original film, while Aled Jones scored a big hit with his version in 1985.
The Snowman producer John Coates passed away in September, after working on the new version.
Watch the 'Walking in the Air' section from The Snowman below: