The Weeknd - whose real name is Abel Tesfaye - took to Twitter to share some artwork from the track, entitled 'Over Now', and revealed the tune will drop on August 28th.
He wrote: ''over now. friday. @calvinharris (sic)''
Calvin also posted some of the tune's artwork on Instagram, and he wrote: ''Brand new this Friday @theweeknd (sic)''
The announcement appeared to excite a number of his fans, including record producer Afrojack.
He wrote: ''loookibg forward (sic)''
Musician Dillon Francis wrote: ''Wow''
Last week, the pair teased a potential collaboration when they posted an Instagram throwback selfie of themselves drinking together.
They captioned the image: ''don't get too confused. (sic)''
Calvin later shared a clip of 'Over Now' on his Story.
It's thought the pair's upcoming release may well feature on Calvin's next album.
Calvin hasn't released a duet since his hit 'Giant' last year, which featured Rag'n'Bone Man.
What's more, The Weeknd recently teamed up with Doja Cat on a remix of 'Blinding Lights' from his acclaimed LP 'After Hours'.
It followed the deluxe version of the record, which featured a number of remixes, including rapper Lil Uzi Vert on 'Heartless', Chromatics' remix of 'Blinding Lights' and Oneohtrix Point Never's spin on 'Save Your Tears'.
The Weeknd and Doja are among the artists confirmed to perform at the MTV Video Music Awards on August 30.
The Canadian hitmaker - who is up for an impressive six awards - will be performing at an outdoor location after it was announced that the ceremony will no longer be held at Brooklyn's Barclays Center, due to ''safety concerns'' amid the coronavirus pandemic.
Miley Cyrus, Lady Gaga and Ariana Grande, BTS, Maluma, and more have also been confirmed for the annual awards show.
With her fifth studio album 'Infinite Things' set to be released later this year, Paloma Faith unveils a music video for her newest song 'Better Than...
'The Great Escape' was released on this day (September 11th) in 1995.