The duo - which is formed of Boyzone star Keith Duffy and ex-Westlife member Brian McFadden - got together last year for a tour in which they told stories about their time in the huge Irish groups and sang some of their biggest hits, and they are now going into the recording studio to work on new music together.
A source told The Sun newspaper: "They've been offered the chance to do this in the past but decided against it - they just wanted to focus on their live shows and enjoy their time on the road.
"But after the success of the last tour a new opportunity came up and they've decided to take it up, it's very exciting for them and they're looking forward to getting in the studio together."
And the pair are said to be hoping to include a guest female vocalist on a track written by Brian, 36, which they think would be the perfect debut single, though they haven't yet decided who to bring in.
The source added: "They've got a song that Brian co-wrote which they thought would be perfect.
"They're passionate about the track and are keen to get someone with an international profile on board to help give it a push overseas too."
Brian left Westlife in 20014, eight years before they eventually disbanded after enjoying huge chart success.
However, it was recently claimed he would be a part of a reunion with Shane Filan, Kian Egan, Markus Feehily and Nicky Byrne, but it seems those plans are now on hold because of his music with Keith, 42.
The source said: "This is very much their focus now so any talk of Brian reuniting with Westlife looks a long way off."