The 'Purple Rain' hitmaker and the 'Poker Face' star reportedly approached director Baz Luhrmann about working on the musical accompaniments to his forthcoming film - which stars Leonardo DiCaprio Tobey Maguire, Carey Mulligan and Isla Fisher - cast member Adelaide Clemens has claimed.
Adelaide told the Playlist: ''They have some new music that's going to be added to the film...Some pretty huge artists have approached Baz and are writing songs for the film, and I don't think Warner Bros. are going to turn down Prince and Lady Gaga knocking down your door.''
However, Adelaide refused to explain any further, so it is unclear whether the pair will submit songs separately or together.
She added: ''I don't know if I'm allowed to say that.''
This would be Gaga's first original film soundtrack contribution, while Prince scored a US number one single with 'Batdance' from the 'Batman' soundtrack.
He also received a Golden Globe Award for 'Song of the Heart' from 2006 animated movie 'Happy Feet'.