The Academy Award-winning actor signed with EMI's Blue Note Records and is working on an album that will include original material and the work of other songwriters.
According to a released issued on Tuesday, Bridges was inspired by his work with Burnett on "Crazy Heart," which earned Bridges an Oscar for best actor and Burnett a best original song trophy.
Bridges has been a musician much of his life and has previously released recordings on his own. He first met Burnett on the set of "Heaven's Gate" 30 years ago when they were introduced by Kris Kristofferson.
Guests will include Rosanne Cash and Sam Phillips.
A release date was not set.
The Associated Press contributed to this report.