The two artists - who collaborated on Justin's new single 'Suit & Tie' - are said to be planning to play stadiums in 10 different cities together, according to the New York Post newspaper.
It is not yet clear how the shows will be split, but it is expected both artists will play separate sets of their hits and then collaborate on several songs.
Justin revealed he is going on the road very soon on the red carpet before the Grammy Awards on Sunday night (10.02.13) but he is remaining tight-lipped about the details at present.
He said: "We're definitely going to go on tour. We're still putting it together, but it's going to be a lot of fun."
The 32-year-old pop superstar also hinted at a major announcement on his Twitter account, tweeting: "Big news coming out ... Stay tuned or you'll miss it!"
Justin and Jay-Z performed 'Suit & Tie' together at the Grammys and also at a pre-Super Bowl charity event in New Orleans - which was the 'SexyBack' singer's first concert in five years.
It seems the pair's close relationship has extended to their wives as Justin and Jessica Biel sat with the 'Watch The Throne' rapper and Beyonce to watch the awards ceremony.
Justin also debuted new track 'Pusher Love Girl' at the Grammys and released another new song 'Mirrors' online afterwards.
His highly anticipated album 'The 20/20 Experience' will be released on March 19.