A poster for the joint project has been spotted in London with a starry list of featured artists billed under their names, including Phoebe Bridgers, St. Vincent, Brittany Howard, Thundercat, Brockhampton and Weyes Blood.
The studio wizard is known for collaborating with the likes of Taylor Swift, Lana Del Rey, Lorde, and St. Vincent.
An insider revealed last year that the Motown legend, 78, and multi-instrumentalist Kevin Parker's psychedelic outlet had collaborated, though it was only thought to be one song at the time.
A source told The Sun on Sunday: "Diana might be 77 but she is determined to push musical boundaries and challenge herself. She loves reinvention and melting genres together. She’s really excited to work with Tame Impala and is ecstatic with the track – she can’t wait for fans to hear it."
The former Supremes star released her first album of original music in more than two decades, 'Thank You', in November.
The 'I'm Coming Out' hitmaker said in a statement: "This collection of songs is my gift to you with appreciation and love. I am eternally grateful that I had the opportunity to record this glorious music at this time."
Diana co-wrote her album with a string of famous songwriters, including Jack Antanoff, Amy Wadge, Jimmy Napes, Troy Miller, Freddie Wexler, and Tayla Parx.
As for Tame Impala, Kevin's working on their fifth studio album, the follow-up to 2020's ‘The Slow Rush’.
Former Bengal Lancer Harry Sullivan, aka From The Tiger's Mouth, has just released his first solo single - 'Morning News' under his new moniker.