He told BBC Radio 4’s Desert Island Discs that Bowie invited him to his mansion to hear his opinion of songs that would eventually feature on his Hunky Dory album.
Wakeman, who was working as a session musician at the time, then wrote the song’s piano part that helped make the track one of the Starman’s best loved.
The 68-year-old said: “David was very generous. He said: ‘you do what you feel with this piece’.”
The classically trained pianist then went on to join prog-rock band Yes and helped form their orchestral sound. He also indulged in the rock ‘n’ roll lifestyle – having three heart attacks by the time he was 25.
Wakeman’s castaway tracks included My Generation by The Who, Woodman Spare That Tree by Phil Harris and Verdi’s The Anvil Chorus.
His luxury item was, of course, a piano.
Desert Island Discs is on BBC Radio 4 today at 11.15am.