The singer is thought to have collaborated with the rapper on a track titled 'Masquerade', which will appear on Minaj's next record Pink Friday: Roman Reloaded.
Britney fansite Breathe Heavy has indicated that the pair may team up, following the leak of an apparent tracklist.
The list also reveals collaborations with fellow Young Money artist Drake and Roc Nation's Jay-Z.
Producer Dr Luke - who is a longtime collaborator of Spears - previously tweeted that he is working on Minaj's 'Masquerade', adding fuel to the speculation.
The pair performed together as part of Spears's 'Femme Fatale' tour last year and Minaj also featured on a remix of Spears's single 'Till The World Ends'.
Nicki Minaj's second studio album Pink Friday: Roman Reloaded will be released in the UK on April 2 and the US on April 3.
> Nicki Minaj: 'New album Roman Reloaded will be important for hip-hop'
> Nicki Minaj, Lil Wayne unveil new song 'Roman Reloaded' - listen
Listen to Britney Spears, Nicki Minaj and Ke$ha's 'Till The World Ends' remix below: