It sees the bandmates dressed in old-fashioned rowing outfits competing in an Oxford and Cambridge-style boat race, according to The Sun.
The video - the first to feature Robbie Williams since he announced his return to the band - was shot at Dorney Lake in Berkshire, which will play host to the rowing events at the 2012 London Olympics.
A source said: "Robbie and the boys clearly got on very well. It was just like old times. They were mucking about and having fun.
"The boys were stuck in a five-seater rowing boat wearing old-fashioned white rowing kits bearing a custom-designed Take That crest. They were told to paddle like the professionals. I think they found it quite hard. If you haven't done it before, sculling can be pretty difficult.
"When they finished filming on the first day Robbie decided he needed to cool off. He jumped straight into the lake and had a little swim. No one else had the guts to join him - it was freezing!
"There were lots of little kids around and at one stage they all started singing 'Angels' and Robbie was pretending to conduct them."
Williams recently filmed a Brokeback Mountain-inspired music video with bandmate Gary Barlow for the pair's upcoming duet 'Shame'.