Friday, October 8, 2010 1:23am ET by  
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Elton John on Gaga's new 'gay anthem'

Elton John and Lady Gaga reportedly became fast friends earlier this year when they performed together at the Grammys in January.

Now John tells Entertainment Weekly, there's a real possibility of a musical collaboration on her new album, 'Born This Way'. “I love her, and I love her ability to write. I love the songs she writes."

Will they work together? “I’d love to in the future, I’d love to do that. There’s a chance I might do one track with her [for the new album] but it’s just, she’s so busy, and I’m so busy, we can never get together!”

John adds that he has already heard the album thus far. "Her record - it’s f-ing amazing. ‘Born This Way,' which is the title song, will completely get rid of Gloria Gaynor’s ‘I Will Survive'. This is the new ‘I Will Survive'. That was the gay anthem. This is the new gay anthem. Actually, it’s not a gay anthem - it can apply to anybody.

Watch a video of the pair's duet at this year's Grammys below: