The unexpected collaboration was recently announced by Osbourne's wife, Sharon, on her daytime chat show "The Talk."
"There's new music, and it's great. He's got his friends playing on it. He's doing a song with Elton [John]. There's so much good stuff. Good things," she teased without sharing further details about the project.
“There is new music and it's great. He's got his friends playing on it. He's doing a song with Elton [John]. There is so much good stuff.” - @MrsSOsbourne spills on @ozzyosbourne's new music and ‘song with @eltonofficial. pic.twitter.com/GoK725mkhJ— The Talk (@TheTalkCBS) January 6, 2020
Although Ozzy Osbourne and Elton John have never duetted in the past, the two musicians worked together for the 2011 animated film, "Gnomeo and Juliet."
John notably contributed to the movie's soundtrack, while the 71-year-old metal legend voiced the character of Fawn.
In a recent interview with the Sun, Osbourne revealed that John had been particularly supportive in the past few months, which were marred by a series of health issues for the former Black Sabbath frontman.
"Elton is a sweetheart. He has phoned me throughout all this. He was at the house the other day with his two boys. They are great kids. They are such a good family. You would be surprised. When you are feeling miserable, you find out who is a friend and who doesn't give a sh*t," he explained.
It is still uncertain whether Osbourne and John's collaborative song will appear on the metal legend's upcoming new album, which is set to arrive in the coming weeks.
"Ordinary Man" will notably mark Osbourne's first studio effort in nearly a decade, with the rocker describing the follow-up to his 2010 "Scream" as "quite possibly the most important album I have done in a very long time."
The album was recorded in Los Angeles with the help of Guns N' Roses bassist Duff McKagan, Red Hot Chili Peppers drummer Chad Smith and producer Andrew Watt.
Osbourne revealed that he was inspired to return to the studio for "Ordinary Man" by his recent collaboration with chart-topper Post Malone on "Take What You Want," which appeared on Posty's "Hollywood's Bleeding."
While Osbourne's 12th studio opus is on the way, John recently won the award for "Best Original Song" alongside his longtime collaborator Bernie Taupin at the 2020 Golden Globes.
"It's the first time I won an award with him. Ever. We never won a Grammy, we never did anything together except for this and I'm so happy, thank you very much," the vocalist said during the award ceremony.
The pair won the prestigious award for "(I'm Gonna) Love Me Again," which they penned for the award-winning biopic retracing John's life, "Rocketman."