Irish rockers U2 [ tickets ] are back in the studio working on new material with super-producer Rick Rubin [ tickets ], and are set to team with Green Day [ tickets ] for a cover song that will benefit musicians affected by last year's Gulf Coast hurricanes.

"In the coming weeks, we'll be going into the studio with U2 to record a cover of the song 'The Saints Are Coming,' which was originally recorded by Scottish punk band The Skids," reads a message posted at Green Day's website, which goes on to say that U2 asked the pop-punk trio to record the song with them to benefit Music Rising. Founded by U2 guitarist The Edge, renowned music producer Bob Ezrin and Gibson Guitar CEO Henry Juskiewicz, Music Rising replaces instruments and equipment that Gulf Coast musicians lost due to Hurricanes Katrina and Rita.

"One year later, the devastation is still fresh in our minds, and we'd like to keep it in yours," Green Day's message continues. "New Orleans has always been a special city to us, being a hotbed of music and creativity, and it's hard to believe parts of the gulf region still remain devastated. We feel that it's important to continue to raise awareness."

A release date for the U2/Green Day version of "The Saints Are Coming" hasn't been announced.

Meanwhile, U2 and Rubin are working on the band's follow-up to 2004's "How to Dismantle an Atomic Bomb," according to the group's website. The new disc is expected to surface some time next year.