Recorded for EMI's Regal Singles Club, the track is the latest in a series of 7-inch singles by either emerging artists or, as in this case, one-off collaborations.
The ex-Jam and Style Council frontman and former Blur guitarist have pooled their talents for the new track, titled "This Old Town".
The track, which will also be available as a download, features Zak Starkey on drums, moonlighting from his day jobs in Oasis and The Who.
Limited to 5000 copies, the release will also feature the tracks "Each New Morning" [written by Coxon] and "Black River" [by Weller].
Talking about the collaboration, Coxon said: "As a long time admirer of Paul I never dared imagine getting a chance to work with him so I was bricking it when we first met.
"But he is an absolute gent and a shockingly great singer and musician. It's been a total pleasure."
Weller added: "I've always been a big fan of Grahams and love his work so it was exciting for me to work on something new with him."
"This Old Town" is released as a download on July 2nd. The limited 7-inch vinyl will follow on July 30th.
Source: www.yahoo.com