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Madonna, Beyonce Knowles and Mariah Carey are planning a Michael Jackson tribute album

Some of the worlds biggest music stars are ready to honor the late Michael Jackson by recording versions of his songs for a charity album.

Robbie Williams, Whitney Houston, Lionel Richie, Stevie Wonder and Diana Ross have also been linked to the LP, as is the British schoolboy who was hand picked to sing at Micheal's memorial concert last month, Shaheen Jafargholi.

“The idea came from the memorial concert," a source said. "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 favorite charities.”

The contributing stars will pick their favorite songs by the ‘King of Pop’ to cover. It is believed Mariah will record 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 Michael’s early smash ‘Ben.'

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

A Michael Jackson tribute concert is also being planned in London – where he had been due to play 50 shows starting this summer and running into 2010 – on the date of what would have been his 51st birthday, August 29.