Calvin's song with Rihanna 'We Found Love' gave the singer another massive hit, so we're expecting big things from his work with Cheryl.
It is thought the pair has come up with the lead single to re-launch Chezza's music career.
A source told Dean Piper: "It's a huge track and something everybody is incredibly excited about.
"It's made for the club scene and a dance classic. They're thinking about a global launch for her next time around and everyone behind the scenes is very excited indeed.
"Calvin's been wanting to work with Cheryl for ages and he's thrilled it has finally happened. It also features Cheryl's manager will.i.am on the track too."
[Related article: Cheryl Cole asked for my number, says Labrinth]
Last week, Cheryl tweeted what looked like lyrics to a new song: "You know it turns me on when the beat starts dirty dancing.. The way it calls to me I can almost feel its rage.. La da da da da Dum Dum.
"Bass in my face, put the bass in my face, put the bass in my face, put the bass in my face."
Last weekend, Cheryl tweeted Calvin after he shared a picture of his strawberry Kit Kat on Twitter.
Cheryl tweeted: "@CalvinHarris A few months ago my mam told me she had a strawberry kitkat but it tasted nothing like strawberry...."
Calvin replied: "@CherylCole she's right it's more like white chocolate but very delicious!"
Then Cheryl revealed: "Turns out she ate the £10,000 they were offering if u found a red wafer in your kitkat lmao.. Yours looks pretty legit though @CalvinHarris"
[Related article: Cheryl Cole wows in white Grecian dress to meet Prince Charles]
Back in June last year Calvin revealed he would love to work with Cheryl on future tracks.
He told the Sunday Mirror: "I'd love to work with somebody like Cheryl Cole, she would be ace" and added: "I like my cheese when it comes to pop music."
Calvin also told the Herald Sun that he would not be singing himself: "I'll do tracks with people who can sing well - proper artists, proper performers. I can focus on what I'm much better at, which is making music. I'm just not cut out for that role."
People who can sing well, eh? Looks like Calvin doesn't agree with Cher Lloyd's auto-tune joke.