"Working on a book about a sitting President - drawing on what I know about the job, life in the White House, and the way Washington works - has been a lot of fun," Clinton said in a statement Monday.
"Working with Jim has been terrific. I've been a fan of his for a very long time."
"Working with President Clinton has been the highlight of my career, and having access to his first-hand experience has uniquely informed the writing of this novel," added Patterson.
"I'm a story-teller, and President Clinton's insight has allowed us to tell a really interesting one. It's a rare combination - readers will be drawn to the suspense, of course, but they'll also be given an inside look into what it's like to be President."
The novel will be published jointly by Clinton's publisher Alfred A. Knopf and Patterson's publisher Hachette.
The publishers have said that the book "will offer readers a unique amalgam of intrigue, suspense and behind-the-scenes global drama from the highest corridors of power. It will be informed by insider details that only a President can know."
"The President is Missing" will be Clinton's first novel after releasing several nonfiction books including 2004 memoir "My Life."
Clinton and Patterson will be on hand to promote the book as part of national tour when it's published next summer.
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