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Minogue said that the track was getting a fantastic response from friends, but confessed that she was not certain the song would ever get a full release.
"I've played it to a few people and they've said: 'Wow, this is the song we've been wanting from you'," she told InStyle.
"So I'm messing around, recording a few things. But I'm not going to commit myself to anything yet."
Lorenzo was one of Minogue's acts during the 2008 series of The X Factor, finishing in fifth place, behind JLS, Alexandra Burke, Eoghan Quigg and Diana Vickers.
It was rumoured last year that the Spanish singer had signed a deal with EMI/Virgin and that she was working on a debut record with Slash and Steven Tyler.
> Minogue dimisses record deal rumours
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