The Soundgarden frontman, who died in 2017, is being remembered with the project which will feature a rotating line-up of musicians recording new versions of Cornell's tracks to bring in funds for the MusiCares organisation.
Metal Allegiance rocker Mark Menghi, who organised the project, said: "There is not a singular moment in time that led to this project. It was a trail of events that led to the formation of King Ultramega and the evolving creation to pay tribute to the voice of a generation."
The first iteration of King Ultramega features Menghi on bass with Alice In Chains frontman William DuVall on vocals, Mastodon rocker Bill Kelliher plays guitar and Anthrax's Charlie Benante behind the drums.
They have recorded a cover of Rusty Cage, which featured on Soundgarden's 1991 album Badmotorfinger.
The next line-up will include Cornell's Soundgarden bandmate Kim Thayil, who said: "I'm super honoured to record alongside all the amazing musicians appearing on the King Ultramega project.
"I'm equally proud that it celebrates Soundgarden in this tribute to the songwriting of Chris. Ultra-admirably, everyone's participation is supporting the work of the MusiCares Foundation."
The news comes after it was revealed a new Soundgarden album featuring Cornell could finally see the light of day.Â
On the eighth anniversary of Cornell's death, bassist Ben Shepherd said there is an album the band made with the singer before his passing, which is "yet to be named", suggesting it could be released in the future.
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