By Staff Writer (staff@latinospost.com) | First Posted: Sep 17, 2013 08:52 AM EDT

A Jennifer Lopez and Taylor Swift duet is on the way! US Weekly reported the two singers will join forces to release a new song, that according to a source, will appear on Lopez's eight studio album, due out early 2014.

"Both of them are huge fans of each other and excited to work together!," the source told US Magazine.

On August 25, J.Lo went on stage at the Staples Center in Los Angeles to sing her 2002 hit, "Jenny from the Block," a song that Swift described as her "hairbrush song" because she used to sing it with a hairbrush as a microphone, the Huffington Post reported.

Before introducing the Latina artist, Swift referred to the song as "one of my favorites when I was a little girl" and pointed out it was one of Lopez's hits that have endured more in the listeners.

"When I was a little girl, you know you have your favorite song that you just would play over and over and over again and just blast it in your room, and you'd sing in front of your mirror into a hair brush? Los Angeles, this is my hair brush song," said Swift, introducing the song. Seconds later, the "On The Floor" singer was presented on stage.

Following the performance, Swift took to Twitter to share her excitement with her fans. "Sang Jenny From the Block with @JLo tonight at Staples Center. STILL FANGIRLING OUT ABOUT IT," she wrote.

Lopez shared a photo of the two on her Instagram account showing both stars posing backstage. "Thank you for inviting my family to be a part of yours @taylorswift13!!! #RedTourLA," Lopez captioned the picture, adding, "@taylorswift13 had so much fun with you tonight!!! #RedTourLA #jennyfromtheblock #hairbrushsongs."

Last month, Lopez was reportedly closing a deal to return as a judge on "American Idol" for next year's season, according to Fox News. Her boyfriend, Casper Smart, may have confirmed Hollywood's worst kept secret. During an interview with E! Online, Smart was asked if the Puerto Rican singer was coming back to the popular TV show as a judge for Season 13, and he said "Yes."

Lopez served as a judge during Seasons 10 and 11, alongside Aerosmith's singer, Steven Tyler, and legendary judge, Randy Jackson. Vulture reported that an "insider" said the singer's deal with FOX "is not closed yet." According to Vulture, Casper may have thought the network had already made the announcement.