Britney Spears is returning to music in a legendary way.
The Grammy Award winner, 40, and Elton John are working together on a new rendition of the singer’s 1972 classic “Tiny Dancer,” a source in the music business confirmed to PEOPLE. According to the media outlet, Andrew Watt is producing the song, which will be released by Universal Music the following month.
The partnership was initially reported by Page Six. The information is being released after Spears and her husband Sam Asghari spent a Saturday night rooftop partying with actor Taron Egerton, who portrayed John, 75, in the upcoming musical biography Rocketman.
The “Toxic” singer’s 28-year-old husband attended John’s 30th Annual Academy Awards Viewing Party in her stead, thus she was unable to attend. The Goodbye Yellow Brick Road singer sent his husband David Furnish, their sons, and their godmother Lady Gaga in place of him at his own event.
A source disclosed to PEOPLE that Spears is “talking a lot about her career” after her 13-year conservatorship was terminated in November, further 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.”