Bands including Gorillaz, Razorlight and Radiohead are hoping to set a record for the fastest recording of a download album, for charity War Child.
Radiohead's Thom Yorke also took part in the first War Child album
Each group has been asked to record an original piece of music in one day - emulating the original War Child charity album of 1995.
The tracks will be made available to download on 9 September and on CD a few weeks later.
Profits will go towards helping children affected by global conflict.
The 1995 War Child Help album raised more than £1.25m to aid children caught up in the Bosnian conflict.
The charity has also supported projects in Kosovo, Serbia, Rwanda and Iraq.
Radiohead were among the bands to contribute to the first album with their song Lucky, which became the signature tune of the Help album.
Now bands including The Coral, Bloc Party, Manic Street Preachers and The Zutons are creating new tracks for Help: A Day in the Life.
The majority of the songs will be recorded on 8 and 9 September and released on the internet on 9 September.
Mark Waddington, chief executive of War Child said: "It was my intention that any new album we made in 2005 should match up to the feats of the past.
"That's why we have set ourselves the challenge of re-making history and releasing the fastest album ever... again!"
He added: "It's a tall order but we feel with the support of amazing artists such as Radiohead, Magic Numbers and Hard-Fi, we can make it happen and help a new generation of children affected by war."