A cover of REM's haunting ballad Everybody Hurts will be the Live Aid-style Haiti charity single and feature the likes of singer Leona Lewis, boy band JLS and veteran rocker Rod Stewart, it was revealed today.

Crooner Michael Buble has also signed up to sing, The Sun said, with Robbie Williams, Coldplay, Take That and Sir Paul McCartney also in talks to join the project.

Pop and TV mogul Simon Cowell has teamed up with the newspaper to organise the fund-raising effort, which should see the single released later this month.

Simon Cowell, Leona Lewis and Coldplay's Chris Martin look set to appear on the charity single

Proceeds are to be split between the Disasters Emergency Committee (DEC) and the Sun's Helping Haiti campaign. The Government said yesterday that VAT on the record will be waived to maximise revenues.

Cowell said: "We are all working hard to make this single a success and to raise lots of money for Helping Haiti.

"We have a short time to do this and the people in Haiti need as much help as we can possibly give them as soon as possible.

Devastation: Rescuers work through the rubble following the Haiti earthquake

"I'd like to make this record with as many different types of singer as we can and I hope everyone in the industry comes together to get involved. The response has been fantastic."

Will Young, X Factor winner Joe McElderry and hip-hop trio N-Dubz are also said to have expressed an interest in singing.

US band REM's Everybody Hurts was a big hit back in 1993, and is a favourite at the group's concerts.

Gordon Brown said the single will raise a huge amount for the rescue teams

Band manager Bertis Downs told The Sun: "We are deeply touched the song has been chosen for this Haiti campaign.

"It means a lot that the song the guys wrote all those years ago will be used for such an important appeal."

REM is to waive royalties on the charity track.

Prime Minister Gordon Brown said yesterday that the single will make a "huge" amount of money for the rescue efforts.

"The agony and anguish for the people that we are seeing on our television screens is something that British people want to respond to.

"Simon Cowell can make a huge amount of money to help the people of Haiti."

News of the chosen song came as Damon Albarn, Coldplay and the Arctic Monkeys confirmed they are putting on a special auction to help Oxfam's emergency response.

And an international benefit telethon with some of the music world's top stars takes place tonight in Britain and the United States.

Items in the auction include: an offer from Damon Albarn to record a specially written piece of music; the Fender Stratocaster played by Arctic Monkeys' Alex Turner in the band's first video; and Coldplay singer Chris Martin's signed Viva La Vida tour jacket.

The auction went live on eBay this morning and runs for 10 days. All proceeds will go to Oxfam's operation in Haiti.

Chris Martin said: “The earthquake has turned Haiti into an unimaginable hell. Its people are desperate for help.”

Tonight's London show for the global benefit gig, Hope For Haiti Now, will include Beyoncé and a group performance by Bono, The Edge, Jay-Z and Rihanna.

New York's show will involve Madonna, Sting, Bruce Springsteen and Shakira. Artists appearing in Los Angeles will include Stevie Wonder, Alicia Keys, Christina Aguilera and Justin Timberlake.