Traditional band Skipinnish hope that funds raised by the single will help build a permanent memorial on the tragic teen’s home island of Barra.
The song, titled Wishing Well, was written by the band’s accordionist and founder member Angus MacPhail in the wake of the tragedy.
Angus kept the background of the lyrics private until meeting with Eilidh’s parents and telling them that the song was written about their daughter.
The original song was released in December, but following on from meeting with the family, the lyrics have been added to and changed slightly to create this new version.
The “Team Eilidh” fundraising group hopes to raise £5,000 to support the funding of a permanent memorial to the 14-year- old and to ensure her love of music lives on.
Eilidh’s dad, Roddy said: “We as a family love the song. For us, it brings us back to so many wonderful memories of Eilidh growing up here in the islands.
“We truly appreciate the support from Skipinnish and Malcolm Jones [from Runrig who produced and plays on the track].
“We can’t thank them enough for writing and performing such a beautiful song for Eilidh.”
Skipinnish’s Angus MacPhail said: “The very first summer that we started the band, we spent most of it on Barra and from then on we’ve had huge support over the years from the people of Barra and Vatersay.
When tragedy strikes close to home it is felt deeply and this is a very small gesture of just doing what we can to help in these terrible circumstances.
“Memory is one of the most powerful means of dealing with tragedy and a memorial will hopefully help the family and the island heal together.
“If the song Wishing Well will also help this bright, talented piper and highland dancer be remembered, then I’ll be very glad.”
Lyrics from Wishing Well have been chosen by the family to be used as part of the anniversary “There Is a Light” event on May 22 The following lines from the song will be projected on to buildings at St Ann’s Square Manchester: “Your spirit was strong, now silent your song/ But your soul with the Pole Star shines on.”