The power ballad would give the album rock giants their sole US pop No.1 single.
Beck said, “You’ll be hearing more from Johnny and me in a little while but until then we hope you find some solidarity in our take on this Lennon classic.”
The much-loved performer passed away from complications relating to a heart condition.
The band say that once tickets go on sale a portion of proceeds will help people whose services industry jobs are impacted by the pandemic.
The organisers say, "This decision comes at a time of unprecedented uncertainty and the health and safety of the general public must come first."
The star-studded show will also feature Don Was, John Medeski and Ivan Neville, plus members of the Dirty Dozen Brass Band, Bonerama and the Radiators.
The tour starts a new run across the UK on 11 March, with dates extending until the 27th.
The new clip is the latest in an on-going series of videos Capitol is producing to highlight the Detroit rocker’s classic hits.
Whitney Houston, Notorious B.I.G and The Doobie Brothers are also among the Class Of 2020 inductees.
Among othere things, the video includes footage of the band meeting fans, conducting radio and TV interviews and much more.
While specific dates and venues have yet to be announced, the three acts will perform at major venues around the country.
The band made the donation through its All Within My Hands non-profit foundation.
After the 2019 induction ceremony in Brooklyn, the RRHOF returns to its home base in Cleveland, Ohio for its 35th annual induction ceremony on 2May, 2020.
Named one of the greatest guitarists of all time by Rolling Stone, the iconic blues man won 15 Grammys and sold more than 40 million records worldwide.
Available on all formats, the album's new edition offers a host of new audio and video extras.
Fifty years to the month since it took place, this marks the first time that her entire set at the historic festival has been available.