"As soon as I spoke with Baz and Leonardo, I knew this was the right project," Jay-Z said. "'The Great Gatsby' is that classic American story of one's introduction to extravagance, decadence and illusion."
DiCaprio, who plays Jay Gatsby, introduced the director to Jay-Z over two years ago. "Leonardo and I were lucky enough to be present in a recording session over two years ago as Jay-Z was recording 'No Church in the Wild,' and the collaboration grew from there," Luhrmann explained.
Jay-Z will executive produce the soundtrack and contribute some new material to the score by Armstrong, who previously worked with Luhrmann in "Moulin Rouge!" and "Romeo + Juliet."
The film, which also stars Carey Mulligan and Tobey Maguire, is scheduled for a May 10 release, and will open the Cannes Film Festival in France May 15. The soundtrack will be released by Interscope Records with the date yet to be announced.
Jay-Z's "No Church for the Wild" is used in this trailer for the film:
2014: The Year in Music [PHOTOS]