The US-based Fender has an illustrious history producing guitars for many famous musicians such as Jimi Hendrix and Eric Clapton.
In a statement, The Edge said that his new role at the guitar company was "something of a kid in a candy store situation for me." His involvement will include working with the design team on new models.
The Edge went on saying, "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 design team on some new ideas."
U2's lead singer Bono will also contribute to the brand: "I'm excited to be part of developing newer technologies with Fender, as well as helping protect the jobs and commitment to excellence of their age-old craft."
In other U2 news, a spokesperson for the supergroup recently denied that the release date of the band's 13th studio album has been pushed back to 2015. According to Billboard's investigations U2 has booked extra studio time with producers Paul Epworth and Ryan Tedder, who will be joining the project's main producer Danger Mouse.
For those with an interest in U2 memorabilia, a rare live U2 recording and audio were recently auctioned by Stockport's Omega Auctions for £4,465. The recordings, which are also accompanied by photographs, are from 1980 when the band appeared in concert at the Vera venue in Groningen, Holland. There are four songs as well as a previously unheard interview of 15 minutes long, in which frontman Bono and The Edge discuss their future plans.