The tribute LP is titled AngelHeaded Hipster, and was put together by the legendary producer Hal Willner, who died on 7 April.

Nick Cave has shared his cover of T. Rex's "Cosmic Dancer" as the first taster of the compilation.

AngelHeaded Hipster will also feature contributions from Elton John, U2, Joan Jett, Lucinda Williams, Beth Orton, Marc Almond, and more.

Before his death, Hal Willner penned a statement on the tribute LP, "I became immersed in this artist by listening to everything, talking to Bolan experts and fans, researching his reviews and interviews. And I found that Bolan was hardly ever talked about as a “composer”. It was all about what a great rocker he was, how innovative he was, how David Bowie took his essence and Bolan was in his shadow... But I put him in the same pantheon as other composers that I’ve explored before. So, the concept for the album became to show Bolan as a composer with our typical cast of artists from different worlds that one rarely sees in the same place"

Cave says, "It is impossible to exaggerate the devastating effect Hal’s passing will have on the collective of people that circled around him, esoteric artists he would corral together to participate in his rambling, hair-brained schemes, that were always a combination of genius, wonder and near-chaos."

Nick Cave's version of T. Rex's "Cosmic Dancer" is out now. AngelHeaded Hipster is due for release on 4 September, and is available to pre-order now.