Jack White and Neil Young have reportedly made an album together. Two different sources claim the musicians have collaborated on a covers LP, including songs by some of their favourite singer-songwriters.

Yesterday, journalist Michael Goldberg wrote that he had "confirmed" a story on the Neil Young fan-site Thrasher's Wheat, alleging that Young had recorded a full-length at White's Third Man headquarters in Nashville. "It is an album of covers," wrote a correspondent called Scott. "I anticipate this will be a very big seller ... It should be out sometime in the new year."

According to Goldberg, Young didn't merely use White's studio: the two men made "[the] entire album together". The prospective tracklist allegedly features music such as Bob Dylan's Blowin' In The Wind, Tim Hardin's Reason To Believe, Phil Ochs' Changes, Gordon Lightfoot's Early Morning Rain and Ivory Joe Hunter's Since I Met You Baby. It's also likely to incorporate a version of Needle Of Death, by the late Bert Jansch, which Young covered last spring.

Both reports speculate that the album is a co-release by Young's label, Warner Bros, and White's Third Man Records. Third Man are well known for their colourful, collectable vinyl releases; even if Warner is taking charge of CD and digital sales, White's company might press a limited edition series of 7ins, 10ins or 12ins for fans.

In an online chat earlier this month, Jack White said that he was currently working on two different albums. "I'm producing two [records] this month, and finishing them," he wrote. "One of them is mine." The singer's first solo LP, Blunderbuss, was released in 2012, and White has recently released a new single with his band Dead Weather.

Young is currently on tour playing benefit concerts in opposition to the Alberta tar sands.