The hip-hop band's frontman will.i.am allegedly met the opera star at a party in the Philippines last week and decided to approach him for a collaboration.
A source told The Sun: "will.i.am loves to experiment and really rates Russell as a singer. He's confident the track will go down well with fans of the Peas."
According to the tabloid, the pairing plan to release a new track together in the New Year, despite the Black Eyed Peas recently announcing plans to take a break.
Meanwhile, Watson has just released his new DVD Russell Watson Return Of The Voice Live At The Royal Albert Hall, which sees the performer return to music after recovering from a brain tumour.
Watch the trailer for Russell Watson Return Of The Voice Live At The Royal Albert Hall below: