The musicians agreed to record a re-worked version of 'Do They Know it's Christmas', with proceeds from the single going towards the UN effort to fight the virus in West Africa, reported People magazine.
Bob Geldof and Midge Ure are spearheading the new Band Aid effort on the 30th anniversary of the Christmas charity single's original recording from 1984.
"It's the worst-kept secret in music history," joked Geldof.
The project was launched just three weeks ago when Geldof, who recently lost his daughter Peaches, received a call from the United Nations.
The charity song will be recorded in London on Saturday and released on November 17.