Swizz Beatz mentioned the project on his page on microblogging site Twitter, writing: "Me, Bono, Hova [Jay-Z's nickname] have something to say about Haiti. Stay tuned.
"I told you I was working on something amazing for Haiti. They need us!"
And the charity appeal was confirmed by U2 guitarist the Edge, who told Irish radio station 2FM the song was created last week.
"Bono got a call from a producer, Swizz. He and Jay-Z wanted to do something for Haiti," the Edge explained.
"So Bono came up with the phrase on the phone and last night we were here, we wrote a song, finished, recorded, and sent it back to them.
"So, that might be the next thing you hear from us."
A release date has not been confirmed for the U2/Jay-Z collaboration but it is thought the song could be premiered during the charity telethon organised by George Clooney, scheduled to air on Friday.
The televised benefit will include performances from Coldplay, Kid Rock, Sting and Sheryl Crow, as well as Haitian-born musician Wyclef Jean.
The telethon will be screened on MTV UK from 01:00 GMT on January 23rd and is to be screened on several US networks, including NBC, CNN and HBO.
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