The 'Angels' singer and the comic star have teamed up to lend their vocals to the track - which was the official anthem of the England soccer team in 1996 for the European Championships - which they are hoping will become the unofficial song for the squad at next month's World Cup in South Africa.
Russell said: "I was embarrassed by how emotional I felt singing this song. I nearly cried. It took me back to Euro '96 - Spice Boys, dentist's chairs and Paul Gascoigne's last hurrah.
"It's the only good England song and I look forward to singing it as we crash out on penalties. Then I will be crying."
Robbie - who appeared in the music video when 'Three Lions' was re-recorded for the 1998 World Cup in France - added to The Sun newspaper: "I've always been approached to write football songs but have declined as I thought 'Three Lions' could never be beaten. I am counting down the days until the start of the World Cup."
The song - which was originally recorded by comedians Frank Skinner and David Baddiel and The Lightning Seeds - has been remastered by producer Trevor Horne and will again feature Baddiel and Skinner.