Rihanna and U2 are among the major names expected to come together this week in the name of disaster relief.
Universal Music has confirmed to Billboard that it plans to release a digital album at some point in the next few days, with all proceeds going to the Japanese Red Cross.
"We are doing it only digitally because it is faster, and this will be a worldwide release. The plan is to have it available later this week," a company spokesman said.
The lineup of artists is not finalized, as the label must find major acts willing to waive their royalties in exchange for a single to be included on the CD. Lady Gaga, a Universal signee who has already designed a special bracelet for the cause, is a strong possibility to join.
The March 11 earthquake in the region, and subsequent tsunami, have left over 20,000 people dead or missing.
UPDATE: Justin Bieber will also lend his voice to the album. He has Tweeted: "Japan is one of my favorite places on earth... it's an incredible culture with amazing people. My prayers go out to them."