The pair arranged the duet on Twitter after the Odd Future member heard the 'Born To Die' star was a fan.
"Just Found Out Lana Del Ray Wanted To Work With Me. Had No Idea. If Your Reading This Im Down, I Have Pretty Instrumentals (sic)," Tyler wrote.
"You're Number 1," Del Rey replied.
Del Rey is also working on a collaboration with rapper Azealia Banks. OneRepublic frontman Ryan Tedder is aiding the project.
Meanwhile, Plan B has revealed that he would like to work with Odd Future.
"I love Odd Future, I love Tyler The Creator, I love the lyrics of Earl Sweatshirt, as a young man, I'm still waiting to see what he drops," the British rapper said.
Watch Lana Del Rey in her video for 'Blue Jeans' below: