Whatever it is, it can't be much worse that the one churned out by the FA for the last World Cup, namely '(How Does It Feel To Be On) Top Of The World' by England United, i.e. Ian Broudie, Ian McCulloch and the Spice Girls.
Absolutely abysmal, it was, and rightfully got usurped in the charts by Three Lions 98.
The best contender I've heard so far is a modern re-working of the song originally used for the '82 World Cup, 'This Time (We'll Get It Right'; there's a streaming file of it on the BBC Sport website if you search for it.
Failing that, I think everyone should just revert back to having 'World In Motion' as the England song; twelve years on, it sounds as brilliant as it did for Italia 90.