The album will be released next year on Virgin Records, Billboard.com reported.
Frontman Iggy Pop and brothers Scott and Ron Asheton are joined by The Minutemen and fIREHOSE founder Mike Watt on bass instead of the Stooges' original bassist Dave Alexander, Billboard.com said.
Watt sings the praises of the punk pioneers on his Web site.
"It's neat to see how they all three work," Watt posted. "The best I can do is help them let me help do what I can with the bass, follow their direction and keep my head together. Anything else is crazy. I like the way Iggy and Ron get everything they can for the tune right after me and Scotty record with them, so each tune can live in world that's pretty whole and unto its self."
A Stooges tour is being worked out, but the only confirmed date so far is during December's Nightmare Before Christmas festival near Glastonbury, England.
Notable deaths of 2014 [PHOTOS]