A host of celebrities including A-listers like Madonna, Beyonce Knowles and Mariah Carey are planning a Michael Jackson tribute album.

The singers, a huge fan of the 'King of Pop', are keen to acknowledge Jackson's contribution to the world of pop music by recording versions of his hit tracks for a new charity album.

The other bigwigs from the music world, who are likely to join the tribute are Robbie Williams, Whitney Houston, Lionel Richie.

Stevie Wonder and Diana Ross have also been linked to the album, as has British talent show finalist Shaheen Jafargholi, who performed at last month's memorial concert for Jackson, who died last month at the age of 50, Female First reported.

"The idea came from the memorial concert. Many fans asked if cover versions from it would be released, and it seemed a wonderful idea. This covers album is sure to be a massive worldwide hit with fans and could raise a fortune for Michael's favourite charities," a source said.

The stars will reportedly pick their favourite Jackson track for the album. It is said that Carey will reprise her version of 'I'll Be There' from the memorial, while Shaheen will sing his version of 'Who's Loving You'. He has also reportedly been asked to record Jackson's early smash 'Ben'.

Williams is likely to sing 'Man In The Mirror'. The other tracks expected to be on the album include 'Rock With You', 'She's Out Of My Life' and 'Bad'.

A tribute concert to the pop star is also being planned in London, where he was to perform 50 shows for his comeback 'This is It' this July. The tribute concert will mark Jackson 51st birthday on August 29.