Britney Spears and Sir Elton will reportedly release the duet later this month.
The pop icon is said to have secretly met with the 75-year-old music legend and producer Andrew Watt at a Beverly Hills recording studio last month to work on the new version of his 1971 classic, which will be her first single in six years.
And as well as 'Tiny Dancer', it also features parts of Elton's 1992 track 'The One' and more of his tunes.
'Hold Me Closer', which is expected to be released before the end of August, follows Elton and Dua Lipa's chart-topper 'Cold Heart', which was a mashup of 'Rocket Man', 'Sacrifice', 'Kiss The Bride', and 'Where’s The Shoorah?'.
A source told The Sun newspaper's Bizarre column: “Elton has helped countless artists throughout the years, both publicly and privately, and has been well aware of Britney’s battle to escape her conservatorship.
“They have known each other for years, with Elton personally inviting Brit to a number of his famous Oscar parties.
"He genuinely wants the best for her and to hear them on a track together is amazing.
"He was very keen to make it clear they are both on a level playing field when it comes to credits.
“It will be ‘Elton John, Britney Spears’ — she won’t simply be a featured artist.
“And she will get the money she deserves from the earnings.”
Britney - whose 13-year conservatorship finally came to an end in November 2021 - had been hinting recently that she is thinking about getting back to work.
In July, the 40-year-old star shared an Instagram video of herself singing a new version of her debut single '...Baby One More Time'.
She captioned the clip: “I haven’t shared my voice in an extremely long time … maybe too long.”
The track will be Britney's first official single since 2016's 'Slumber Party', the video shoot for which she met her now-husband Sam Asghari.
According to an insider, Britney secured a "record-breaking deal" from Universal to record with Elton.
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