Oasis, The Killers and Razorlight are to cover songs from The Beatles' Sgt Pepper's Lonely Hearts Club Band to mark the album's 40th anniversary.
The Beatles' original album was voted the best of all time last year
James Morrison, The Fratellis, Travis and the Kaiser Chiefs are among the other acts taking part in the special recording sessions for BBC Radio 2.
The engineer in charge of the original 1967 sessions will use the same equipment to record the new versions.
The results will be aired on Radio 2 on 2 June, a day after the anniversary.
The original album was released on 1 June 1967 and went on to be regarded as one of the best and most influential releases in rock history.
Last year, it came top of a Radio 2 poll to find the best number one album of all time.
The modern rock bands will be recorded by audio engineer Geoff Emerick, using the one-inch four-track equipment he captured the original on 40 years ago.
Radio 2 is also celebrating its 40th birthday this year, and the programme will form part of the station's '60s Season.
Radio 2 controller Lesley Douglas said: "This will be not only a unique radio event, but a very special musical moment.
"The range and quality of artists involved ensure that this will be a fitting tribute to one of the great albums of all time."