Chiefs at record label Universal Music said they hoped that the album would be available globally by the end of this week (beginning March 21), reports BBC News.
They haven’t given details of the tracklisting of the album yet, or whether it will feature new material.
Money raised from sales will go to the Japanese Red Cross.
Label bosses are also hoping to sign up Lady Gaga for the project as well as further acts.
Meanwhile, Beady Eye, Primal Scream, Graham Coxon, Paul Weller and more are set to for a benefit gig for victims of the Japan disasters in London next month.