The singers have teamed up with producer DJ Frank E - who has previously worked with Iglesias on 'Tonight (I'm Lovin' You)' - for the track.
The DJ announced the news via his official Twitter page earlier today. He wrote: "New Enrique and J Lo coming soon!!"
When fans of the stars questioned him, he replied: "It's true... New original duet." He also added that people we're going to "love it".
As well as working with Iglesias, Frank E has also collaborated with Madonna, Pitbull, Justin Bieber, Chris Brown and Kanye West.
Lopez is currently preparing to release her new single 'Papi' following her separation from Marc Anthony.
Meanwhile, Iglesias recently claimed that he understands why his father Julio Iglesias wasn't there for him when he was growing up.
Listen to Jennifer Lopez's new single 'Papi' below: