The singer spoke of a possible collaboration while linking to MIA's Twitter page earlier today (February 28).
"Also got something cooking with @MIAuniverse !!!!!!!!!!!!!!!" she wrote.
Banks's debut LP will be titled Broke With Expensive Taste, and is expected to be released in September.
She recently revealed that the album will be about a young girl trying to find her own way in the world.
She will embark on an 11-date UK headline tour to promote her debut album from September.
MIA recently caused controversy at Madonna's halftime Super Bowl show by flipping her middle finger during the performance. Madonna described the gesture as a "teenager irrelevant thing to do".
Watch Azealia Banks's video for '212' below (Warning: Video contains very strong language):