Hooton has penned an additional verse to the song to pay tribute to the 96 fans who lost their lives on 15th April 1989.
"I'm the one who's embarrassed by it in the end, but if the families enjoy it I'd rather it be that way round than me enjoying it and they didn't like it," said Dalglish.
"You've got people who lost dearly loved ones, you had people who just went to the game and ended up dead, and you ended up also with the injustice of being blamed for that event," added Power.
The single, which will be released on 6 April, has been backed by the Hillsborough Family Support Group.