The grime star has shared a preview of the promo which sees the 'Smile' hitmaker walking through a busy restaurant, while the catchy song is playing in the background.
Giggs, 34 - whose real name is Nathaniel Thomson - captioned the clip posted on his Instagram: ''NEW LILY AND GIGGS VID LOOKIN MUUUUUAD. HAHAHAHAHA (sic)''
Lily dropped the track, her first in three years, after it leaked online in December.
The 32-year-old beauty hadn't put out any songs since her album 'Sheezus', but surprised fans by dropping the coming-of-age banger about her wild past.
On the track, she sings: ''When I was young I was blameless/ Playing with rude boys and trainers/
I had a foot in the rave 'cause I was attracted to danger/
I never got home for Neighbours, hey/ When I grew up, nothing changed much/ Anything went, I was famous
/I would wake up next to strangers/ Everyone knows what cocaine does/ Numbing the pain when the shame comes, hey.''
In October 2016, Lily debuted a new track at Mark Ronson's show at The Savoy hotel in London.
The 'Alfie' hitmaker took to the stage to perform three songs at the MasterCard Priceless event, including a brand new electronic dance track which she created with the superstar DJ.
However, she was still learning the words to the as-yet-untitled track as she had to read most of it from a lyrics sheet.
Speaking at the show, which was her first concert in over a year, Lily told the crowd: ''I haven't played anything for about a year I'm really nervous.''
Her fourth record should be on the way as she told the audience then she'd been in the studio with Ronson, 42.
Before performing the track, she said: ''Mark and I have been in the studio a little bit this week.''
The producer previously said she'd channeled the heartbreak caused by her separation from Sam Cooper into her lyrics.
He said: ''We've been writing together again on the new record. I feel like they are some of the best songs she's written.
''Her voice sounds incredible. The stuff I'm working on is some of her most honest and heartbreaking music ever. She writes so honestly you can feel it.''
Mark said he believes the music world needs an ''honest'' star like Lily - who has two daughters, Ethel, six, and Marnie, four, with Sam - back.
He said: ''She's like a needed performer. There's nobody really doing s**t like that, really honest.''