NEW YORK, NY - FEBRUARY 07: (EXCLUSIVE COVERAGE) Wayne Coyne of The Flaming Lips performs during the 2014 Bonnaroo Lineup Ann
Taylor Hill/FilmMagic

UPDATE (8/4): Today the Flaming Lips have shared the tracklist for their upcoming Sgt. Pepper's cover album, With A Little Help From My Fwends. Frontman Wayne Coyne posted a picture of the handwritten tracklist on Instagram, and you can check it out here. There's a long list of collaborators on this bad boy, including Phantogram, who we caught up with at Lollapalooza last weekend. Watch the interview here.

Original Story: If news of the Flaming Lips hitting the studio with Miley Cyrus piqued your interest, this should knock you down: Wayne Coyne & Co. are planning an entire cover album of the Beatles' massively influential Sgt. Pepper's Lonely Hearts Club Band.

Several years ago, the frontman decided his band—with a little help from their friends—would remake famous albums track-by-track on limited-edition colored vinyl. So far, they've tackled Pink Floyd's Dark Side of the Moon, British prog legends King Crimson's 1969 debut In the Court of the Crimson King and the Stones Roses' debut with Foxygen's Jonathan Rado, Peaking Lights and Def Rain, released as The Time Has Come To Shoot You Down... What A Sound.

Now, with their biggest project yet, the Flaming Lips are tapping A-listers like Miley Cyrus and MGMT's Andrew VanWyngarden for a version of "Lucy in the Sky with Diamonds" as well as obscure acts like Oklahoma's Birdflower for "Within You Without You." Austin psych duo Zorch posted on Facebook that they will also be on the project, and word is that the Flaming Lips have been in touch with Foxygen, Phantogram and Tame Impala.

Wayne Coyne even posted a photo of Miley vomiting diamonds while in the studio on his Instagram.

So what's next? In an interview with UK publication Rock Sucker, drummer Steven Drozd said the band is looking into covering Led Zeppelin and possibly Sonic Youth's Evol

Fingers crossed!