The singer revealed that they have yet to write and record a collaboration and intend to take their time working on the project to ensure they deliver a big hit.
Perry told Fearne Cotton in the Radio 1 Live Lounge: "We've collaborated on a lot of things, but just not songs yet. It's one of those things that's got so much build-up that we have to deliver.
"I want it to be like that Eurythmics and Aretha Franklin song 'Sisters Are Doin' It for Themselves'."
She added: "But I definitely want to do something that is so iconic. [Rihanna's] kind of busy too. We're both busy but we planted the seed two years ago.
"How disappointed would you be if that song came out and it's no good? Sometimes you have to wait for greatness."
Katy Perry's new single 'Part of Me' has topped the US Hot 100 and was released in the UK earlier this week.
The single will be included on the star's repackaged collection Teenage Dream: The Complete Confection, which will be available on March 26.
> Katy Perry raps Jay-Z, Kanye West's 'Ni**as In Paris' - watch video
Listen to Katy Perry's 'Part of Me' below: