The Bruce Springsteen cover band set to perform at Donald Trump’s upcoming presidential inauguration has cancelled its performance out of “respect and gratitude for Bruce.”

The B Street Band announced it would withdraw from the gala on Monday, days after singer Jennifer Holliday backed out of performing.

Mr Springsteen was a vocal supporter of Hillary Clinton, and condemned the President-elect multiple times prior to the elections, calling him a "moron" and accusing him of "undermining the democratic tradition."

Despite the band playing at outgoing President Barack Obama’s two inaugurations in 2009 and 2013, the group confirmed the tradition “will no longer be happening.”

“With deepest apologies to our fans and the New Jersey Inaugural Ball committee, the B Street Band is withdrawing from performing at this year's inauguration Gala,” the band said in a statement published by Backstreets Magazine.

“Our decision is based SOLELY on the respect and gratitude we have for Bruce and the E Street Band.”

The group also paid homage to their love of Bruce Springsteen and the E Street brothers in the statement saying: “We are most grateful to these rock legends and look forward to many more years of emulating and performing the Forever Music, of Bruce Springsteen.”

The group was reportedly signed up to the event in 2013, long before election candidates were finalised.

Will Forte, the group's keyboardist, manager, agent and publicist, told Rolling Stone: "We're a non-political band... It's not about the candidate or who was elected; it was about the office of the presidency. I was performing for that. C'mon, we're a bar band. It's got nothing to do with politics whatsoever.... The way it's portrayed in the media is that Trump hired us for the inauguration. I don't have any dealings with Trump at all! It's just a New Jersey gala."

The latest announcement came amid reports that performers are refusing to appear at Mr Trump’s celebration, with only the Mormon Tabernacle Choir and America’s Got Talent finalist Jackie Evancho left on the bill.

A tie-in celebration concert is also going ahead and will host the likes of rock band 3 Doors Down, country singer Toby Keith and actor Jon Voight.

Many have been vocal about their decision not to attend including Elton John, Céline Dion, Andrea Bocelli and Garth Brooks who have all reportedly declined invitations to perform.