Lionsgate and Universal Republic Records announced the project Saturday.
"We are thrilled to have such a hauntingly beautiful companion album taking shape -- T Bone is working with these artists to create something truly incredible and unique that fits perfectly with the powerful themes of the books and the film," Lionsgate's co-Chief Operating Officer and Motion Picture Group President Joe Drake said in a statement.
"'The Hunger Games' is a groundbreaking series that is nothing short of brilliant. Universal Republic is delighted to forge a creative alliance with Lionsgate to participate in this franchise's undeniable legacy," added Universal Republic President and Chief Executive Officer Monte Lipman.
Burnett, an award-winning producer and songwriter, is leading the project, which will feature all newly written and recorded songs, based on themes embodied by the big-screen adaptation of Suzanne Collins's post-apocalyptic series of young-adult novels.
The title refers to a government-mandated television event in which one boy and one girl between the ages of 12 and 18 from 12 districts of what used to be North America are forced to compete in a battle to the death and only the winner lives.
The album will be released next year in advance of the film, which is to open in theaters March 23. The movie will star Jennifer Lawrence, Josh Hutcherson and Liam Hemsworth.