The Deftones have already bagged a version of the moody synth-pop band's "To Have And To Hold," which originally turned up on Depeche Mode's 1987 album "Music For The Masses."
Meanwhile, Smith recently recorded a version of solo version of DM's "World In Your Eyes," which first appeared on the band's 1990 album "Violator."
It's rumored that the Smashing Pumpkins, Marilyn Manson, Foo Fighters, and God Lives Underwater may also be contributing to the album.
Speaking about his seemingly surprising link to Depeche Mode, Deftones frontman Chino Moreno told MTV News that DM and bands of its moody synth-pop ilk were actually a tremendous influence on him.
"The new wave influence to me, bands like the Cure and Depeche Mode, stuff that blew my mind when I was young, stuck in me and those were the people who taught me how to sing," Moreno told MTV News.
"I think all the covers we've been doing lately... we've done a Smiths cover, we've done a Duran Duran
cover, a Depeche Mode cover. Luckily, it's cool because that was me growing up and everybody just went with it, you know what I'm saying, which is cool."
The Deftones' Duran Duran cover, a swirling version of the band's 1982 track "The Chauffeur," turned up on last year's aptly-titled "The Duran Duran Tribute Album," which also featured Goldfinger, Reel Big Fish and Wesley Willis among others.