The duet dropped on Wednesday, September 29, alongside an official music video directed and produced by frequent Springsteen collaborator and archivist Thom Zimny.
Mellencamp and Springsteen filmed the video together in New Jersey earlier this month (September 2021).
"Wasted Days" is the first single from Mellencamp's upcoming album, which is slated for release in 2022.
About the collaboration, Springsteen said in an interview on Sirius XM's "E Street Radio" in June, "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," the 72-year-old continued. "I sang a little bit on his record."
Meanwhile, Zimny has meticulously edited footage from Springsteen & The E Street Band's 1979 No Nukes Concert performances for an upcoming DVD and Blu-Ray release. The film is to be released worldwide for the first time in November.
The Boss, his band and guests including Tom Petty, Bonnie Raitt, Carly Simon and Jackson Browne hit the stage at Madison Square Garden in New York in September 1979 for the two-night spectacular and the shows were filmed - but only clips from the footage were released, until now.
It will be distributed globally in high-definition for digital download on November 16 and the set will debut in physical formats three days later, with bundles available on CD, vinyl, DVD and Blu-Ray.
"It's the greatest document of that era we will ever have," Springsteen's longtime manager and record producer Jon Landau tells Billboard.
The "No Nukes" film was edited by Zimny from the original 16mm footage.