The iconic '80s act, which last reunited in 2006, have recorded four tracks in a hometown Minneapolis studio.
The band was down to a duo of original members for this session, with singer Paul Westerberg and Tommy Stinson working without drummer Chris Mars.
"[He] didn't want any part of this," Westerberg told Rolling Stone. "I was not surprised, but I was a little disappointed."
The EP, to be sold in a 250-copy edition of 10" vinyl, will be auctioned online to benefit former Replacements guitarist Slim Dunlap. Dunlap suffered a stroke earlier this year. The set will range from Dunlap's "Busted Up," to folk and country hits from Gordon Lightfoot and Hank Williams as well as "Everything's Coming Up Roses," a song from Broadway's "Gypsy."
"He's in rough shape," Westerberg said of Dunlap. "He's sort of paralyzed, he can move his leg a little bit. When I mentioned this, it seemed like something he really wanted to happen. 'You guys get together,' he said in a whisper. 'Go play a song.'"
Westerberg didn't discount a full-fledged Replacements reunion with a new album or tour.
"I'm closer to it now than I was two years ago, let's say that," he added.