The 'Live Your Life' rapper told MTV News that he has always aspired to make a collaborative record, but previous plans had not come together.
"We been goin' in. We're actually flirting with the idea of doin' an album together called The Man and the Martian," TI said of his possible work with BoB in an interview on Sway in the Morning.
"We just been compiling material, he and I together, and it's coming out real good."
However, TI was quick to clarify that no plans with BoB have been set in stone and that the collaboration is only in the primary stages.
"Even this, this is a conversation that we had, this is an idea. It's not set in stone, it's not concrete as of yet," he said.
Last month, TI revealed that he had returned to the studio to begin recording new music only days after being released from an Atlanta halfway house.
BoB promised in May that he would release new music before 2012.
Watch the video for TI's 'Live Your Live' - featuring Rihanna - below (contains some strong language and brief scenes of violence):