The rapper will work alongside The Bullitts on the new songs that will be added to the soundtrack.
Jeymes Samuel of The Bullitts officially announced plans to collaborate with the '99 Problems' star on his Twitter page.
"Jay-Z and myself have been working tirelessly on the score for the upcoming CLASSIC 'The Great Gatsby. It is too DOPE for words!" he wrote.
The Great Gatsby stars Leonardo DiCaprio (Django Unchained), Carey Mulligan (Shame) and Tobey Maguire (Spider-Man).
Luhrmann's period drama is based on the F Scott Fitzgerald novel which is narrated by Nick Carraway (Maguire), a Long Island resident whose life changes after he meets Jay Gatsby (DiCaprio).
The film, which also stars Joel Edgerton, Isla Fisher, Amitabh Bachchan and newcomer Elizabeth Debicki, is due to hit theaters on May 10 2013.
Watch Jay-Z in the music video for 'Empire State of Mind' with Alicia Keys below:
Photo gallery - 'The Great Gatsby' character posters: