The Boss supplied vocals and electric guitar on the hearty track, which is one of a number of songs the esteemed musicians and close friends recorded together.
A music video accompanies the track, which is helmed by Thom Zimny, a frequent collaborator of Springteen's.
The promo was shot in New Jersey earlier this month.
'Wasted Days' features on Mellencamp's upcoming album, which will mark the 69-year-old singer-songwriter's first studio effort since 2017’s 'Sad Clowns & Hillbillies' and the 2018 compilation 'Other People’s Stuff’.
Teasing the tracks he recorded with the 72-year-old rock legend, Mellencamp previously spilled: “I worked on three songs on John’s album and I spent some time in Indiana with him.
“I love John a lot. He’s a great songwriter and I have become very close [with him] and had a lot of fun with him. I sang a little bit on his record.”
Meanwhile, it was revealed this summer that the 'Born in the U.S.A.' hitmaker turned down an offer to have a New Jersey rest stop named after him.
The 'Born To Run' legend was approached by the New Jersey Turnpike Authority to have his name on a rest stop alongside the likes of Jon Bon Jovi, James Gandolfini, Whitney Houston, and Frank Sinatra.
However, Natasha Alagarasan of the New Jersey Hall of Fame said in July: "Bruce Springsteen respectfully declined to have a service area named after him.
"It should be noted, though, that Bruce has been very supportive of the New Jersey Hall of Fame over the years, and is very much a part of the fabric of the Hall."
Authors Judy Blume and Toni Morrison, broadcast journalist Connie Chung, and singer Celia Cruz were also selected.
The service areas contain Hard Rock Cafe-style artifacts and exhibits, as well as a Wall of Fame.
As well as a life-size video monitor showing Hall of Fame inductees and their respective acceptance speeches.
Springsteen himself was inducted in 2007.
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