The track, which the pair performed on The X Factor results show last night (October 21), has charged into the lead on the tally.
The song marks the sixth and final single from his debut album Electronic Earth, which entered at number two in April this year.
If the number holds its lead on the chart, it would mark the star's first number one single, beating his previous peak at number two with 'Earthquake'.
Elsewhere on the tally, JLS land at number three with 'Hottest Girl in the World', while Sandé and Naughty Boy's duet 'Wonder' is at 11.
On the album chart, Swedish House Mafia are at number one with Until Now, Taylor Swift is in second place with Red, and Lawson's Chapman Square is at five.
Labrinth recently confessed that he doesn't like Nicki Minaj's Pink Friday: Roman Reloaded album, which beat him to number one earlier this year.
Watch the 'Beneath Your Beautiful' video below: