Following reports of The Flaming Lips, Miley Cyrus and MGMT's Andrew VanWyngarden teaming up on a cover of The Beatle's "Lucy in the Sky with Diamonds," Wayne Coyne and Co. have announced a larger project: a complete remake of The Beatles'.

The project, which is being spearheaded by the Lips, comes after a series of cover albums that the band has remade including Pink Floyd's Dark Side of the Moon, King Crimson's In the Court of the Crimson King and The Stone Roses' 1989 eponymous debut LP.

Their choice to cover a Beatles record shouldn't come as too big a surprise as the band previously played a set consisting entirely of Beatles covers for last year's New Years Eve show and released a new version of "Lucy in the Sky with Diamonds" featuring Sean Lennon. The even performed the cover on Letterman earlier this year.

In a 2010 interview with Uncut (via The Future Heart), Coyne said that he has been directly inspired by The Beatles and Sgt. Pepper's Lonely Hearts Club Band in particular, though growing up he only listened to the left side of its stereo mix.

"I listened to Sgt. Pepper a lot, not realizing that huge chunks of vocals and instruments were missing. When I hear a proper mix, it sounds wrong. My versions sound better! They have this eerie, empty quality."

As The Future Heart points out, the artist lineup for the project is still being developed; however, in addition to Cyrus and VanWyngarden, the lips are recruiting Tame Impala, Phantogram, Foxygen, New Fumes, Birdflower and Zorch, among others, to record songs.

No release date has been announced for the effort, but Wayne usually gives updates via Twitter and Instagram.

What do you think of this collaborative cover album? Let us know in the comments section below!

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