The song is raising money for Comic Relief and BBC Children In Need.
An all-star BBC Radio 1 Live Lounge performance featuring musicians including Dua Lipa, Chris Martin and Ellie Goulding is on course to become the second consecutive charity number one single.
The song, which is a cover of the 2003 Foo Fighters track Times Like These, is currently sitting in pole position in the Official Charts Company rankings.
The song is projected to take the top spot from Captain Tom Moore, who last week became the oldest person to reach number one with his rendition of You'll Never Walk Alone, which featured Michael Ball and The NHS Voices Of Care Choir.
Also featured on the Live Lounge track are musicians including Anne-Marie, Rita Ora, Paloma Faith, Rag'n'Bone Man, Sean Paul, Sam Fender and the band Biffy Clyro.
More than 20 acts were involved in the isolation recording from locations including home studios, bedrooms and bathrooms.
The net profits made from the single in the UK will be split between Comic Relief and BBC Children In Need.
The Live Lounge single currently sits above The Weeknd's Blinding Lights and Captain Tom's song, with the pair ranked second and third respectively.
The Official Charts Company said that "things are tight at the top" of the rankings, with The Weeknd "expected to close the gap before the week is out".
Blinding Lights trails the Live Lounge song by only 5,300 sales and is performing better on streaming services, the organisation said.
The final chart rankings will be revealed on Friday.
April 2021 may have been one of the coldest in 60 years, but there were still enough hot releases to warm our hearts and fuel our fires.