We Were There was written by Leicester singer Bob Wragg for the 1982 World Cup finals in Spain.
Mr Wragg, 82, said its original release was deemed "inappropriate" following the outbreak of the Falklands War.
The recording features many of the winning side including Bobby Moore, Geoff Hurst and Martin Peters.
The song came about through Mr Wragg's friendship with keeper Gordon Banks, England's victorious goalkeeper in 1966, and he asked him about recording a song to wish the 1982 side well.
Many of the World Cup winning players feature in the video, with the exception of brothers Bobby and Jackie Charlton, who were away at the time, and Nobby Stiles, who was ill.
The recording, which has sat in the attic at Mr Wragg's Isle of Man home for more than three decades, includes captain Bobby Moore playing tambourine.
Mr Wragg, who performed with the 1950s variety act the Dallas Boys, said: "The atmosphere was amazing but I had to teach a few of them to sing - I even taught Alan Ball to sing a harmony. We had a right knees up.
"I heard the lads were in Leicester to shoot a promo so I had one night to write a song and one day to record it and make a video. The record label loved it but then the Falklands war broke out and it was shelved."
The singer is a founder member of what has been described as Britain's first boy band and now lives in Laxey with his wife.
He decided to search his attic for the song and video after reading that three of the squad were living with Alzheimer's disease.
It has been released coincide with the European Championships in France and all funds from the song will go to the charity Alzheimer's Research UK.
Mr Wragg added: "This is a nostalgic delight and will support a very worthy charity - I was so emotional watching it back knowing that some of the lads have passed away now."

TWE, which owns brands such as Wolf Blass, Rosemount and Lindeman's, is the world's biggest listed winemaker.
Last year, it sold 385 million bottles and recorded revenues of AU$1.76bn.
KKR's new bid is a joint venture with fellow US private equity firm Rhone Group.
Rhone Group's contribution is not known and the bid is being led by KKR.
The proposed offer is worth AU$5.20 a share and represents a 11% increase on the earlier April bid, which was rejected by TWE's board.
KKR had a large cash influx following the $5.1bn (Â£3bn) sale of Oriental Brewery of South Korea to Anheuser-Busch InBev and appears thirsty for another drinks company.
The winemaker's board has urged shareholders not to throw out the new proposal.
It said in a statement: "The board of TWE, together with its advisers, has concluded, based on the revised proposal, that it is in the interests of its shareholders to engage further with KKR and Rhone."
TWE has a turbulent history and is currently undergoing restructuring that will see 175 job cuts.
It formed in 1995 as the wine division of Australia's Foster's group, brewers of the eponymous beer. However, continuing losses led to it being demerged in 2011.
Recent results have been disappointing, with volume falls in Australia, the result of risky price strategy and underwhelming sales in the China the result of government austerity.
In June last year, the group was forced to destroy AU$34m worth of unsellable wine as a result of disappointing US sales.
A football anthem sung by England's 1966 World Cup winning side has been released after spending 34 years hidden in an Isle of Man attic.
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US private equity giant KKR has launched a renewed $3.4bn Australian dollar (Â£1.88bn; $3.17bn) takeover bid for Australian winemaker Treasury Wines Estates.