The two singers began feuding when John accused Madonna of lip-synching her lyrics during her world tour. Earlier this month, both the 'Rocket Man' hitmaker and Madonna publicly announced they were friends again when John introduced the 'Hung Up' singer at the GQ magazine's Men of the Year Awards.
John said during the ceremony: "This is a moment you thought you'd never see. I have written a grovelling apology and offered to join the Kabbalah!"
Now the music legend has declared his interest in collaborating with Madonna, saying: "Madonna is a great artiste and I think I shoot my mouth off too much, really. Who wouldn't want to work with her?"
A music insider is quoted as saying: "If Elton and Madonna did decide to work together, anything they recorded would be a sure-fire hit. Let's hope they really have managed to put their differences behind them for good."