Sir Paul will feature alongside the likes of Robbie Williams, Melanie C, Holly Johnson and Gerry Marsden on the single which is due to be released on December 17.
The acts, who are going under the name The Justice Collective, will raise money to cover the legal costs of the families of the Liverpool supporters killed in the Hillsborough disaster in 1989.
Each of the performers gave their time for free to record the single which has been produced by Robbie Williams's former songwriting partner Guy Chambers.
The track, which is already favourite to be the Christmas number one, recently had its first play in Liverpool in front of families of victims of the disaster.
Bookmakers expect the song to beat the X Factor winner to the festive top spot, in a repeat of last year's chart battle which saw the Military Wives choir beat Little Mix.

The fledgling group were told "they had no future in showbusiness" as guitar groups were "on the way out" following the audition.
The decision by a Decca Records executive proved to be one of the worst made in music history.
Within months John, Paul, George and original drummer Pete Best had signed with EMI and went on to become the greatest band of all time.
Now the original safety master tape, a 10-track demo the group recorded at Decca's London studios on New Year's Day 1962, has come to public light for the first time.
It is thought the Beatles' manager Brian Epstein held on to the tape he had paid to make and later gave it to an executive associated with EMI.

Hanks's movie will star the busy Benedict Cumberbatch as Epstein, the mild-mannered, dapper Jewish homosexual who was running his family's Liverpool furniture and record store when he heard the Beatles perform a lunchtime show at the Cavern Club and decided to become their manager.
The movie will be competing with The Fifth Beatle, based on a coming graphic novel. Although no casting has been announced, the movie, written by the novel's author Vivek Tiwary, has secured music rights to the Beatles songs.
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Olivia Harrison has dropped her request for a barbed wire fence around the Harrison family estate, Friar Park. She had applied twice to increase security at the home in Oxfordshire, England, where she and George were attacked back in 1999. Neighbors have complained that the wire was an eyesore and a danger to children and local wildlife. Marin Akehurst, planning committee vice-chairman on Henley Town Council, said: “Razor wire has no place in Henley." Olivia has gone with a request for wooden fencing instead, which has been approve |
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Paul McCartney is telling people to go vegetarian for the holidays. In PETA's new advertising campaign, wearing an 'eat no turkey' t-shirt beneath the slogan, "Celebrate life this holiday season. Go vegetarian."
Paul has also recorded a voiceover for the animal right’s group's latest campaign video about the meat industry titled 'Glass Walls' after McCartney's quote, "If slaughterhouses had glass walls, everyone would be vegetarian."
Speaking about what the McCartney household eats instead, he says: "We eat a veggie roast at home, so if we have traditional moments like Christmas … the roast is perfect. It's completely vegetarian, but I can slice it, so I can do all my traditional dad things. We can do our family stuff with it, and it's delicious, so I much prefer that to my memory of turkey."
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