A quarter of a century later, legendary producer Quincy Jones and Lionel Ritchie, who co-wrote the song with Michael Jackson, are hoping to bring together another group of leading pop stars in the hope of raising even more than the 63 million dollars they raised for Africa all those years ago.
34-year-old Iglesias said all he was doing was "adding his grain of sand" to the charity effort. He also said that it was "a great honour to be involved in the cause" and that were it not for the people of Haiti he "wouldn't dare take over Jackson's role on the new version of the single".
All proceeds from the sale of the new version of the single and its accompanying video (recorded by Paul Haggis of 'Crash' fame) will go to the "We Are The World Foundation" which in turn will use the money to help the survivors of the Haiti disaster rebuild their shattered lives.
"To be involved in a project like this and above all, be in the same studio as Quincy Jones, a legendary producer, while he's telling you to stand in the same place that Michael Jackson did, has been incredible for me" said the Spanish singer-songwriter.
"It's difficult to describe what you feel in the company of so many legends," he added. "Imagine having Earth, Wind & Fire's Tony Bennett behind you and Santana and Céline Dion on the other side!"
Iglesias confessed his admiration for Jackson, saying that he had always been a point of reference for him, not only for his music, but also for his music videos. "He was the first person to really give music an image", said Iglesias.
The new version of the single, which also features stars such as Barbra Streisand, Kanye West and Miley Cyrus, will make its world premiere during NBC's coverage of the Vancouver Winter Olympics on February 12.