The pair have collaborated on a new track called Hello, Hello and EW.com now reports that the track will be featured in the new film, which is being produced by Elton and his partner David Furnish.
The track will reportedly be played in the background when the two lead characters in the movie, who are voiced by James McAvoy and Emily Blunt, meet for the first time, according to the US website.
The movie, which is based on the story of Romeo and Juliet but with gnomes, is due to hit cinemas in February 11, 2011 and stars a host of actors including Michael Caine, Patrick Stewart, Matt Lucas and Stephen Merchant.