The actresses were flown by private jet from a New Jersey airport to shoot the spread at a mansion in Miami last week, the newspaper said.
The photos they took there are expected to appear in an issue of the magazine early next year in connection with the 1991 movie's anniversary, the Post said.
The film, about two friends whose liberating road trip turns into a crime spree, co-stars Harvey Keitel and Brad Pitt.
Sarandon and Davis were both nominated for the best actress Oscar and Ridley Scott was nominated best director. Callie Khouri won the Oscar for best original screenplay.