"They just finished a record and their first video and are talking to major labels about a deal. The name for the band at the moment is 'Super Heavy,'" a source told the Post.
"Each member has a very distinct and different style, but it works. Mick has been recording with Dave for a while, and both worked with Joss in the past," a second insider added.
The 67-year-old Jagger's publicist confirmed the collaboration to the newspaper.
"They all thought it would be interesting and great fun to go into the studio and play some music. No video has been shot, no label in place. All a bit premature," the representative said.