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The two guitarists have enlisted Screaming Trees' drummer Barrett Martin and are looking for vocalists for their new supergroup.
The legendary rock band joins previously-announced summer fest headliners, Kanye West and Kings of Leon.
The compilation CD also has the likes of Tom Cruise, Julianne Hough, Diego Boneta and Mary J. Blige covering classic songs by Bon Jovi, Def Leppard, Foreigner and many more.
Many fans who were hoping that Guns' N Roses will reunite for the first time in years expressed their disappointment of the band's frontman who chose to skip the event.
During the upcoming induction ceremony, Matt Sorum and Slash might perform together with another 2012 Rock and Roll Hall of Famer, Donovan.
Announcing a slew of new concert dates, the rock band slipped in a date at New York City's The Ritz which is now known as Webster Hall.
GnR, Red Hot Chili Peppers and the Beastie boys join the class of 2012 inductees along with Laura Nyro, The Small Faces and Donovan.
Robert Medina, the festival's event organizer reportedly has negotiated with the band's lead singer Axl Rose regarding their performance at the Brazil festival.
Following Slash's statement that Guns N' Roses reunion could take place if he apologizes, Axl Rose says 'there are no concrete plans' for playing together again in the band.
Adamant that Axl Rose won't apologize to him, Slash said, 'If it did happen, I would do whatever it takes to at least have a conversation about it.'
'I look at Grease now and think, 'Between High School Musical and Glee, Grease was a brilliant work of art',' Slash said of what he thinks about the hit TV series.
The last time the rock band tried to release an album it took them 15 years but guitarist DJ Ashba confirmed recently that they won't take as long as that this time.
Mariah Carey and Alicia Keys took a tumble onstage when they were both pregnant while Tila Tequila and Guns N' Roses were pelted by crowd during their performances.
Not learning from their experience in Dublin, the band repeated the same mistake at London's O2 by arriving more than an hour late.
The former Guns N' Roses' star pokes fun at fellow rocker, claiming that Sixx has replaced drug addiction with a new love of food.