The pair will apparently collaborate on a new track called 'Hangover' with the music video set to premiere on Jimmy Kimmel Live! on June 8, reported Digital Spy.
Last year, the 36-year-old singer, real name Park Jae-sang , revealed that he is collaborating with Aerosmith frontman Steven Tyler.
Psy's breakthrough hit 'Gangnam Style' has now amassed over 2 billion views on YouTube.
The song has also topped a poll aiming to find the best music video dance, beating the likes of Michael Jackson's 'Thriller' and 'Macarena'.