A news release issued Tuesday says 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.
No release date has been set.