The singer's producers Swizz Beatz and Timbaland and rapper Nas also feature in the song.
Jay-Z was photographed in the studio weeks ago with Timberlake, Nas, and Timbaland, working on the song.
He has also recently invested in an artwork by Swizz, buying the picture 'Holy Grail', a portrait of graffiti artist Jean-Michel Basquiat, to raise money for the Children's Cancer & Blood Foundation.
'Magna Carta Holy Grail' will be released on July 4, and will also feature lyrics from REM's 'Losing My Religion' and 'Smells Like Teen Spirit' by Nirvana.
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