Chris Martin and co and the 29-year-old singer are set to release the ballad 'Let Somebody Go' imminently, before the group's eagerly-awaited album, 'Music Of The Spheres', is released on October 15.
A source told The Sun newspaper's Bizarre column: “Chris has always been a huge fan of Selena and it’s a dream come true that she’s finally singing on a Coldplay record.
He wrote a beautiful ballad for her which they recorded together in April.
“They already have plans for a special live performance around the launch of the band’s album.
"She is massively popular with young people so the group hopes that collaborations like this will help keep the next generation fans of the group.”
The 'Higher Power' hitmakers are currently in the charts with their BTS hit, 'My Universe'.
And frontman Chris - who is joined by Guy Berryman, Will Champion and Jonny Buckland in the band - shared how the collaboration was like a "dream coming true".
He explained: "I saw it in my head for so many months, and now here we are.
“It’s been very difficult to get to Korea. We’ve been very lucky with people allowing us to come in just to record.”
In recent months, both bands had expressed their admiration for each other.
The 'Dynamite' hitmakers - comprising V, Jungkook, Jimin, Jin, Suga, RM, and J-Hope - performed Coldplay's 'Fix You' during an appearance on 'MTV Unplugged' and claimed that it was a significant song for them as it helped the group through tough times.
While the 'Viva La Vida' band took to social media to praise BTS for their rendition of the song and even recommended the band's hit 'Butter' a few months later.
Chris also revealed that he has nothing but "love and respect" for the K-Pop megastars and hinted he was open to a collaboration with the group.
The 44-year-old singer said: "When it comes to BTS, I just have nothing but love and respect for them. All seven guys, I think they're just cool, stand for good things and sing about cool things.
"I love the fact that they are so huge and sing a lot in Korean, they don't always have to sing in English. I love them a lot and so if the right song came along, I wouldn't ever say no."
He added: "I love that band... because I love what they stand for as people."
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