The Oasis and The Who members are teaming up with The Lightning Seeds' Ian Broudie and former Oasis drummer, Ringo Starr's son Zak Starkey, to form the band, which will perform during a one-off live special of 'TFI Friday' on Channel 4.
A source said: ''It's a proper supergroup and the performance will be something to remember.''
According to The Sun newspaper, the rockers decided to team up after being spurred on by the show's host Chris Evans, although Liam's boredom is also a factor contributing to his excitement about the project.
The source said: ''Liam's got a bit of time on his hands since Beady Eye called it a day last year so he fancied trying his hand at something new.
''He's told his mates he's pretty bored. Other than Noel (Gallagher), you would be hard pushed to find a better set of bandmates than Roger, Ian and Zak.''
The as-yet unnamed group are expected to play the classic The Who hit 'My Generation' on the broadcast, although it is not yet known whether they plan to create music together or tour in the future.
The band will feature alongside other musical guests including Blur, Stone Roses, Rudimental and Years & Years on the live broadcast, which is a revival of the popular series which originally ran from 1996 to 2000.
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