Elton stood by the DJ booth and performed the catchy and upbeat track with a microphone in hand, sending the patrons wild as they danced the afternoon away.
Original lyrics from his 1971 single Tiny Dancer and 1992 single The One could be heard sprinkled into the song, as well as the vocals of Britney.
RadarOnline.com can confirm the new track is set for an official release on Friday.
Ahead of its debut, Elton tweeted a throwback photo of himself and Britney, 40, smiling together at an event, alongside what appears to be the cover art for their collab.
It was produced by none other than Grammy winner Andrew Watt.
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The Oops!… I Did It Again songstress' fans are over the moon to get new music from Britney, considering this marks the first release since her 2016 studio album Glory.
Plus, it's her first project since the end of her 13-year conservatorship and becoming the bride of now-husband Sam Asghari, who stood by her throughout that process.
Britney's lengthy conservatorship was terminated by a judge last November.
"Effective today, the conservatorship of Britney Jean Spears, the person and the estate, is hereby terminated," the judge said at the time.
Her attorney, Mathew Rosengart, also spoke out amid the momentous occasion and shared their next steps moving forward.
"What that means is we have set up a financial safety net for Britney, in terms of a new trust," he explained. "All of the assets that are outside of the existing trust will be transferred by the existing conservator of the estate into that trust."
He gushed, "I'm so proud of her. I thank her. I thank her for her courage and voice and power ... We believe it was the right result."
And one thing is for certain — Elton's sneak peek of their collab proves it won't be long until he and Britney take over the music scene again.