Show insiders say the two superstars could put on the ultimate show stopper at this Sunday's do following talk by organisers to get them to collaborate.
Fueling the hype, Elton refused to dispel the rumours after he was quizzed on the plans at the Rainbow Media dinner at the Sundance Film Festival in Utah this week.
But the singer's own camp say the 62-year-old Rocket Man is hoping for the duet to happen.
First Elton John says he's helping Eminem through Drug Rehab and now he's jumping on the Lady Gaga ship. I wonder who will wear the bubble dress?
Here's a bonus, Arjanwrites.com has just released a free download remix of the Lady Gaga/Beyonce collaboration "Telephone". Check out the Dr. Rosen Rosen Remix of Telephone here
I wasn't planning on watching the Grammy's but if this could happen I may just tune in!