The rapper, 36, said that she had been sworn to secrecy about the project but couldn’t keep quiet about the exciting news.
When asked by Entertainment Tonight if she would be open to working with the singer, 31, Minaj responded: “Yes and yes, yes and yes, woohoo!”
She went on to reveal that the pair have already recorded a music video for their track, telling the publication: “Adele made me swear to secrecy that I’m not allowed to tell anyone, [but] I’m working with her and we already shot a music video and it’s an epic song.”
Standard Online has contacted Adele’s representatives for further comment.
Adele proved that she is a huge fan of the rapper in 2016, when she performed a word-perfect rendition of Minaj’s verse from Kanye West’s Monster during an appearance on James Corden’s Carpool Karaoke.
She has not collaborated with another artist since 2009, when she appeared on Daniel Merriweather’s track Water and a Flame.
The Official Charts Company confirmed last week that the star’s 2011 album 21 is the biggest-selling album of the 21st century so far.
The record, which featured hits like Someone Like You, Rolling In The Deep and Set Fire To The Rain, saw the most physical sales, digital downloads and streams of any album in the UK since the turn of the century.
Amy Winehouse’s 2006 album Back to Black came in second place, while Adele’s 2015 release 25 was in third.
Following her split from husband Simon Konecki, fans speculated that Grammy-winning star is working on a follow-up to 25.