Band members Alexis Taylor and Joe Goddard praise the 'Purple Rain' hitmaker - who is counted as one of the defining artists of the 80s for hits such as 'Little Red Corvette' and 'Sign of the Times' - as they feel his earlier music was ahead of its time and still relevant today.
Joe told The Guardian newspaper: ''Some of Prince's records feel closely tied to the 1980s, but sonically they still sound modern. That's because he was so adventurous with his idea, lyrics, production and use of rhythms - the music escapes sounding dated.
''He was fearless and driven, creating music quickly, and without ever stopping to wonder whether his push for new sounds would alienate his audience.''
Meanwhile, Alexis added the Grammy-nominated band so strongly inspired by the global superstar they penned their 2004 single 'Down with Prince' in tribute.
He said: ''Hot Chip have always been inspired by Prince. It's mainly the actual groove - the way melodic and rhythmic patterns interlock together - that we take from him.
''We had a song called 'Down with Prince' which was about all the people referencing Prince at that time. I didn't like it because musically they were just copying him in such an exact way that it seemed to miss the point. Prince never copied anyone, he was always so original.''