The pair have teamed up for new cut 'Suit & Tie', which is the lead single from Timberlake's new album The 20/20 Experience.
Timberlake was pictured cracking a joke to Jay-Z while holding a white umbrella, as the rapper reacted with laughter.
'Suit & Tie' has so far peaked at number four on the US Hot 100 and three on the UK singles chart since its release earlier this month.
Timberlake released an accompanying lyric video for the track last week, which sees him playing the piano and smoking cigars.
The singer's third studio album The 20/20 Experience will be released in the UK on March 18 and a day later in the US.
Watch the lyric video for Justin Timberlake and Jay-Z's 'Suit & Tie' below: