'Your Love' will be released on September 30 through SK Records - the label owned by Blue's Simon Webbe.
Walters, who was a member of So Solid Crew, said: "I am really excited to be working with Alesha. We had fun creating the track in the studio. She has a great voice and brings a different vibe.
"I wanted us to create something very distinct from my previous work. I always try to write from my own personal experiences and this track reflects events in my journey. It's about change and moving forward positively. I hope you like it!!"
Walters is also known for starring in TV dramas Top Boy, Inside Men and Hustle.
He has also had roles in movies such as 50 Cent's Get Rich Or Die Trying and Stormbreaker.
Dixon recently announced that she will return to Britain's Got Talent next year.