The 'Shape of You' hitmaker appeared on NPO Radio 2 in the Netherlands, where he let slip that the 'Rocket Man' hitmaker suggested to him last Christmas morning that they should record a festive hit together.
However, at first, Ed admitted: “I didn’t feel like it suited me."
The 30-year-old Grammy-winner changed his mind after losing a close friend.
He continued: “You don’t know if you’ll still be there tomorrow, everything can change overnight. I may not be here tomorrow. Why shouldn’t I grab this opportunity?”
Meanwhile, Elton recently revealed Ed bought him a "giant marble penis" for his birthday.
The 74-year-old music icon revealed the extravagant and memorable gift his close pal gave him in March.
He said: "For my birthday this year, he gave me a giant marble penis.
"I don't know if that's because I've always been a p***k or what. It's really big, it's beautifully made."
The 'Tiny Dancer singer admitted his husband David Furnish wouldn't let him put the X-rated statue in their garden because of their sons Zachary, 10, and eight-year-old Elijah.
He laughed: "It's hidden in an area in the house where they wouldn't see it!"
Elton also revealed he has had an impact on the 'Shivers' singer's sense of style after giving him some fashion advice and putting him in touch with his designer friend Donatella Versace.
He added: "That's true. I said, 'Ed - you've worn the baggy shirts and the trousers, it's got you so far but it's now time to make a change.' "
The resulting ensemble was the bright pink suit he wore in the 'Bad Habits video.
Elton continued: "I said, 'Listen - if you're making the 'Bad Habits' video, you've got to look great'.
"He loves it, it's not as if I'm forcing him to [do] anything he doesn't want to do."
As it's been 12 years since the last Bridget Jones movie, expectations aren't too high...
Bridget has always known how to get herself into a muddle - catastrophic muddles at...
After battling the dating scene and finally finding love with Mark Darcy, Bridget Jones is...
In July of 2015, Ed Sheeran played his biggest gigs to date, selling out Wembley...