The duo will duet on the title song of "Kicking Out the Footlights ... Again" and pay tribute to each other with Haggard singing five Jones songs and Jones singing his five favorite Haggard songs, Nashville's Bandit Records said in a news release.
"The last time we recorded together was 25 years ago, and though we've both changed a lot over the years, our love for real country music and respect for each other has only gotten stronger," Jones said in a statement. "The fans want to hear Hag sing a Jones song and me sing one of Hag's."
"I'm really looking forward to making this record," said Haggard. "Jones and I can't help but be competitive and we'll make each other work even harder in the studio."
Their last joint project was the 1982 hit "Yesterday's Wine."
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