Their first collaboration occurred in 2004 on track Lonely Without You, for the soundtrack to the movie Alfie.
Their next songs are expected to be even more special, as they are said to have been working with Bob Marley's sons Damian and Stephen, Rahman, and rapper NAS.
The duo's new album is expected to be issued on the UN's International Day Of Peace, September 21.
'Joss and Mick hit it off when they worked with producer Dave Stewart on the Alfie soundtrack, so were keen to collaborate again,' the Sun quoted a source as saying.
'When this project was suggested they were keen to get on board, especially considering the glittering cast of other musicians involved,' the source revealed.
The bass for the recordings is being played by musician Shiah Coore, who is currently said to be dating Joss
'Shiah was dating someone else when he met Joss, but their attraction was so strong he ended it with his previous partner. They have been seeing each other for three months now and things are going really well,' the source said.
The musicians are currently hard at work at the Los Angeles studio complex established by Muppets creator Jim Henson.
U2 frontman BONO is also involved in the project, and has been recording separately with Damian.
Text: ANI | Photograph: Mario Anzuoni/Reuters