The show will feature a top 20 UK album chart rundown, as well as live performances and interviews with major music artists.
The show will be pre-recorded at Koko nightclub, formerly Camden Palace, in North London a few days before transmission.
It is most similar in format to Five's 'Pepsi Chart Show', although Channel 4 is hoping to attract the millions of viewers who have deserted 'Top of the Pops' after it moved to Sunday evening slot on BBC Two, as well as an older audience who are more likely to be found watching shows like BBC Two's 'Later with Jools Holland'.
The show, commissioned for a 20-week run, is due to air on E4 on Saturday afternoons, before going out later on Channel 4's MusicZone on Saturday night later this spring. It is being produced by 3DD, which handles TV distribution for acts including U2, Robbie Williams and Gorillaz.
A presenter will be announced shortly, although gravel-voiced T4 presenter June Sarpong has been tipped to land the role, with five years' music presenting under her belt at Kiss FM and shows including MTV's 'Planet Pop', 'Dance Floor Chart' and 'Weekend Edition'.
Neil McCallum, Channel 4's commissioning editor for music, said: "We are delighted to be doing an album chart show that features some of the finest live performers at such a fantastic venue as Koko, particularly at a time when sales and interest in the album chart are on such a high."
Separately, last month it was revealed ITV is mulling a rival to the BBC's 'Top of the Pops' and has hired Chris Cowey, its former executive producer and a recent judge on ITV reality show 'Soapstar Superstar', to develop the format.
Since its BBC Two debut in July, 'Top of the Pops''s ratings have plummeted to an all-time low of 1.1m viewers, down from 2.4m on BBC One a month earlier. Corporation bosses made the decision to move the show from its primetime Friday night slot last November, after ratings slipped to an average of 2.4m.
In its heyday in the 1970s, 'Top of the Pops' attracted audiences of more than 10m, hitting a peak of 19m viewers for a Thursday night show in 1979.
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