Elton John and Madonna are set to collaborate on a new record to mark their recent reconciliation.

Elton, who recently apologized for accusing Madonna of lip-synching during her world tour, now hopes they can work together in the recording studio. He is quoted as saying, "Madonna is a great artist and I think I shoot my mouth off too much really. Who wouldn't want to work with her?"

A music insider said, "If Elton and Madonna did decide to work together, anything they recorded would be a sure-fire hit. Let's hope they really have managed to put their differences behind them for good."

Elton and Madonna revealed they had healed their rift at GQ magazine's Men of the Year Awards earlier this month. As he introduced Madonna at the ceremony, Elton said, "This is a moment you thought you'd never see".

Elton and Madonna then hugged, before he added, "I have written a grovelling apology and offered to join the Kabbalah!"

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