The singers, who are all taking part in the annual iHeartRadio Jingle Ball concerts across America, will also be joined by Charlie Puth, Tinashe, and Daya for the charity single, and they will come together to perform the tune for the first time at the star-studded Jingle Ball concert at New York City's Madison Square Garden on Friday night (09Dec16).
According to People.com, all proceeds from the song's release will benefit the Robin Hood non-profit to help the homeless in the Big Apple this winter.
Officials on the Robin Hood Board will also match all funds raised up to $100,000 (£79,500).
"The homeless in New York City and across the country are hardest hit during the holiday season and its incredible to see that once again musicians and artists have stepped up to help those less fortunate," John Sykes, President of Entertainment Enterprises at iHeartMedia, says in a statement. "iHeartMedia is committed to using all of our powerful assets - radio, digital, video, live events and social - in the spirit of giving back to the needy during the holidays."
The Madison Square Garden leg of the Jingle Ball shows will also feature performances from Justin Bieber, Ariana Grande, and One Direction star Niall Horan.
Meghan Trainor had to cancel her scheduled appearance on upcoming Jingle Ball dates, including the New York stop, due to illness. She took to Instagram on Thursday (08Dec16) to reveal she had been placed on vocal rest for the next two weeks, forcing her to axe her remaining 2016 gigs.