The RootzWiki-based collective will build with Gingerbread (Android 2.3) and aim to keep the project "as open as possible".
Once they've created a stable Gingerbread beta for the TouchPad, the team will begin working on a Honeycomb (Android 3.0) port, the version of Android that is optimised for tablet use.
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"We're planning on having a screen based button system similar to Honeycomb within Gingerbread," explains Thomas Sohmers, one of the developers behind the project.
The developer group will report back on its progress over at RootzWiki, and is also open to donations via PayPal in case it ends up bricking its TouchPad or needs to take one of the tablets apart to tinker with its innards.
If you own an HP TouchPad, are you interested in the possibility of running Android on it or is WebOS actually the best thing about the tablet? Let us know in the comments below.