The 25-year-old was recently spotted looking dressed down in a long black dress while attending one of Spears' shows on her Femme Fatale tour in Atlantic City.
It's claimed they met up after the show and Gaga told Spears: 'Girl, you're so damn hot, I would.'
A source said to UK newspaper The Sun: 'They sat for around an hour gossiping and talking about collaborating together on a track - Gaga already has two songs in mind.
'They even spoke about getting her down to one of Britney's later performances in October, if she could schedule it, to duet with her on stage.'