Elton John Rumored To Be Working With Britney Spears On a Very Popular Song, and We Can’t Contain Ourselves

Britney Spears is workin’ on new music!

A music industry source confirms to PEOPLE that Britney, 40, is collaborating with Elton John on a new version of his 1972 single “Tiny Dancer.”

Elton John Rumored To Be Working With Britney Spears On New Version Of ‘Tiny Dancer’

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The single is being produced by Andrew Watt and reportedly is set to be released next month by Universal Music.

The news comes after Spears and husband Sam Asghari enjoyed a rooftop hangout Saturday night with actor Taron Egerton, who played John, 75, in the 2019 musical biopic Rocketman.

“Coolest guy ever!!! Such a freaking fan… I was so stupid!!!” she captioned a since-deleted video of the visit.

Britney however missed out on John’s 30th Annual Academy Awards Viewing Party back in March as her husband, 28, went in her place.

“I wish she was [here]. She’s at home doing a couple of stuff… She’s traveling a lot,” Asghari informed Extra.

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Elton was also not present at his own event, sending his husband David Furnish and their sons with godmother Lady Gaga.

A source informed PEOPLE how Spears is “talking a lot about her career” after her 13-year conservatorship was terminated in November, adding that she “loves creating music and wants to give her fans a new album. It seems like she is focusing on one thing at a time.”

Previously, Spears teased a “different version” of her 1998 breakout single “…Baby One More Time” in a clip to Instagram, revealing that she’s been campaigning for years to re-record the track, which was not possible during her conservatorship.

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“I haven’t shared my voice in an extremely long time… may be too long,” she wrote in the caption.

After the ruling to end her conservatorship, the singer’s attorney Mathew Rosengart called it a “monumental day”.

“What’s next for Britney is up to one person — and this is the first time we can say this in a decade. It’s up to Britney,” he said. “Britney, as of today, is a free woman.”

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