The disgraced fashion icon - who was fired from Christian Dior after a racist slur in a Parisian bar in 2010 - has been tasked with creating the stage costumes for the British actor's latest theatre project, an adaptation of Oscar Wilde's 'The Importance Of Being Earnest'.
Rumours of the collaboration swirled this summer when it was revealed Fry supposedly wanted a big name to create looks for the production so the play would receive critical acclaim.
Roland Mouret and Sarah Burton were also thought to be in the running for the role, which has now officially been given to Galliano, British Vogue magazine are reporting.
The Italian designer is familiar with the play, having designed costumes for Dame Judi Dench as Lady Bracknell during the early years of his career.
Fry will also be taking on the role of Lady Bracknell in the play, which is being produced by 'The Full Monty' team David Pugh and Dafydd Rogers and is expected to launch at the Theatre Royal, Drury Lane in London next year.
There's already an Oscars buzz surrounding this movie.