According to midweek sales Buckley's version, from the 1994 album Grace, is set to be number three, but Burke's single will debut at number one.
Burke, 20, has already broken the record for the fastest-selling download single in Europe.
The original Leonard Cohen version of the song is currently at number 34.
If Buckley's cover climbs any higher, this could mean two versions of the same song sitting at number one and number two in the Christmas charts.
"I don't think this has ever happened in UK charts history, and certainly not for Christmas," HMV's Gennaro Castaldo said.
However, there has been one occasion when four versions of the same song have entered the UK top 40 - but you have to go back to 1955.
On 20 June, 1955 Al Hibbler, The Les Baxter Orchestra, Jimmy Young and Liberace all scored a hit with Unchained Melody, with Young's version topping the chart.
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