The duo has enlisted former Screaming Trees drummer Barrett Martin for the side-project, which will feature a number of different guest vocalists including Killing Joke frontman Jaz Coleman.
MCCready, who also plays with Martin's rock group Mad Season, hopes to release an album with his currently-untitled supergroup on his new Hockeytalkter Records label.
He tells Billboard.com, "We're talking to Jaz from Killing Joke... I have a little record company called Hockeytalkter Records - it's (the name) what my three-year-old son calls a helicopter. I would like to put some of this stuff out... If that happens, it'll be great."
MCCready previously worked on several tracks with MCKagan and Martin for another band called Walking Papers.