Jackson's solo version of "No Sleeep," which will not appear on the album, rose to No. 5 in its second week on Billboard's Adult R&B airplay chart, making it the diva's first top five hit on that chart in 11 years.
The J. Cole version will go to the Adult R&B format, as well as Hot R&B (urban mainstream) and Rhythmic radio.
Jackson and Cole recorded the new tune in a Los Angeles recording studio two weeks ago, according to sources.
Janet Jackson Announces Unbreakable World Tour
Jackson attended the Los Angeles stop on Cole's Forest Hills Drive Tour on Sunday at Staples Center. She tweeted a photo of herself from the show surrounded by girlfriends, but gave no hint of her collaboration with the "Apparently" performer.
The singer's new album will be the first release on her own Rhythm Nation Records, a worldwide partnership with BMG.
Cole's current album, 2014 Forest Hills Drive, debuted at No. 1 on the Billboard 200 following its December 2014 release.
Jackson's management and BMG declined to comment.