The trio - comprising Mark Owen, Gary Barlow, and Howard Donald - are recording a new version of Barry's group the Bee Gees' hit 'How Deep Is Your Love', which they first covered in 1996, as well as a new song with the 72-year-old music legend.
A source told The Sun on Sunday newspaper: ''Barry may not be your typical boy band member but he's a British music legend.
''Obviously the Bee Gees influenced Take That's early years massively.
''The lads cannot wait to get in the studio.''
The recording session with Barry will feature on a one-hour TV special to mark the group's anniversary, with occasional member Robbie Williams - who quit the band in 1996, shunned their 2005 reunion but returned briefly in 2012 for the 'Progress' album and tour - also expected to appear, though it is unclear if former member Jason Orange will be involved.
And fans tuning in will also be treated to previously-unseen intimate footage of the 'Back for Good' hitmakers.
The group said: ''We've handed over our own personal camcorders from the '90s and asked fans to share their stories.''
The trio recently unveiled plans for a huge anniversary tour next year, as well as 'Odyssey', a compilation featuring reworked versions of their classic hits.
Gary said about the album: ''Some have been reworked, but without spoiling what people loved about them in the first place.
''You've got to be respectful, but at the same time, you've got to let the ambition of doing something new and refreshed come through as well.''
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