Lady Gaga, Elton John Record Duet For 'Gnomeo & Juliet'

'Hello, Hello' will appear on the animated Disney film's soundtrack, reports 'Entertainment Weekly.'

Elton John and Lady Gaga have been carrying on a torrid mutual-admiration affair for much of the past year. The two pop icons have shared the stage several times and often have spoken highly of each other, but now they're ready to take it to the next level.

According to "Entertainment Weekly," the dynamic piano duo are planning on releasing a duet called "Hello, Hello" on the soundtrack to the forthcoming animated Disney film "Gnomeo & Juliet." The magazine describes the tune as "a charming pop track," and reports that it will be heard when the movie's two lead characters — lawn ornaments voiced by James McAvoy and Emily Blunt, respectively — first meet.

"Gnomeo & Juliet," produced by Sir Elton and his longtime partner, David Furnish, is slated to premiere on February 11, 2011.

While John has hinted that he'd love to appear on Gaga's upcoming Born This Way album, even if he doesn't, he's already given it his glittering stamp of approval.

"I've already heard [Gaga's new album], so I think it's more or less done," he told "EW" earlier this month. "Her record — it's f---ing amazing." He added that he was particularly enamored with one tune, saying, " 'Born This Way,' which is the title song, will completely get rid of Gloria Gaynor's 'I Will Survive.' This is the new 'I Will Survive.' That was the gay anthem. This is the new gay anthem. Actually, it's not a gay anthem — it can apply to anybody."

While John is an old hand at movie soundtracks — including his Oscar-winning work on "The Lion King," as well as music for "The Road to El Dorado" — the "Gnomeo" song will be Gaga's first original contribution to a film.

Are you excited about Lady Gaga and Elton John's upcoming collaboration? Tell us in the comments.