The Soul Sessions singer and the Rolling Stones frontman first worked together in 2004 on 'Lonely Without You' for the soundtrack to the remake of Alfie.
Jagger and Stone will be joined by Damian and Stephen Marley and Oscar-winning Slumdog Millionaire composer A.R. Rahman on a new album to mark the UN International Day Of Peace on September 21, The Sun reports.
A source said: "Joss and Mick hit it off when they worked with producer Dave Stewart on the Alfie soundtrack, so were keen to collaborate again.
"When this project was suggested they were keen to get on board, especially considering the glittering cast of other musicians involved."
Stone recently said that she was unhappy with EMI's decision to delay the release of her fourth album.