The US-based Fender company produce some of the most famous guitar models, including the Telecaster and the Stratocaster.
These classic models have been used by the likes of Jimi Hendrix, bluesman Muddy Waters, Keith Richards of the Rolling Stones, and Joe Strummer of The Clash.
And the pair hope to take a hands-on position with the music company.
The Edge revealed: “For me it’s something of a kid in a candy store situation. I’ve been a fan of Fender guitars from the beginning, playing them on all the most important U2 tours and albums.
“But I’m most interested in working with the Fender team on developing some new ideas.”
He said he would be working with the design team on the development of possible new models.
Meanwhile, a spokesperson for U2 has denied that the band has pushed back the release date of their 13th studio album to 2015.