According to the Sun, the pair are to team up in a US studio later this month. It comes after speculation that the duo would re-record songs from the original soundtrack.
A source said: “Beyonce has already started working on the soundtrack with Hans Zimmer, who scored the original film, and she knew it wouldn’t be right to do it without Elton on board.
“She was the one who reached out to him last year.
“The finer details of Elton’s contract are being worked out, then they plan to enter the studio together in the US.
“He is a big fan of hers and shares her vision of what they could do together.
“Circle Of Life and Can You Feel The Love Tonight are such classics, but they want to add new songs which will become classics in their own right.
“It was really important to Beyonce that she was heavily involved in creating the soundtrack. She is putting a lot of time and effort into the film and she is confident it will be huge.”
Beyonce voices Nala in the remake of the 1994 Disney film, directed by Jon Favreau. Others in the cast include Donald Glover; James Earl Jones; and Seth Rogen.