“Rick is delighted about it because they have lofty standards and could produce something extraordinary.”
The Sun added Astley’s video was shot on Monday at a “secret location” in Britain.
Movie bosses are said to have been aiming to release Mission Impossible: Dead Reckoning Part Two in the middle of 2024 but filming was halted due to the Hollywood actors’ and writers’ strike.
The Sun reported most of the movie was shot before the walkouts but the biggest action sequence has yet to be filmed.
Experts say even though the writers’ dispute was settled in September, the actors’ strike could drag on for the rest of the year after their talks collapsed on October 11.
Pegg announced on October 13 he had the M:I crew help direct Astley’s new music video by sharing a picture of him on set with the 57-year-old singer.
Astley has seen his career resurrected after he became one of the hits of this year’s Glastonbury with his self-deprecating Pyramid stage solo show and an afternoon set of Smiths covers with the indie band Blossoms.
His ninth studio album Are we There Yet? is due for release in November.
Astley told BBC Breakfast on October 16 he and Pegg linked up to shoot his new music video after “sharing some love” at a festival.
He added: “He jumped in and did it, he came up with a great script and a whole concept and idea. It was just a great couple of days to shoot it.
“We’ve gone from iPhone to Hollywood – it’s a crazy jump.”