Lady Gaga, Elton John Make The Oscar Best Song List For Their Duet 'Hello, Hello'

Kevin Winter/Getty Images

Lady Gaga and Elton John may turn out to be the fashion couple-to-watch on the Oscar red carpet on February Feb. 26.

our editor recommends

Lady Gaga to Join New Year's Eve Show in Japan

Lady Gaga Sued By Former Assistant for $380,000 Of Unpaid Overtime

Gaga's duet with Sir Elton -- "Hello, Hello"  -- from Elton's Gnomeo & Juliet movie -- is officially in the running for a nomination for a Best Song prize. Along with 39 other songs. The long list will be whittled down to five contenders and the final nominees will be announced on Jan. 24.

But Sir Elton has already admitted that he'd like to perform at the Oscars with Gaga. "If we get nominated, I guess Gaga and I would have to perform," he said, adding, "If we're nominated, I'll say, 'You design the outfits.'"

NEWS: Lady Gaga Collaborator Writes First Original Song

Looks like that's just what Gaga did (in the photo) when she and Elton appeared at the 2010 Grammys together looking like they just stepped out of Michael Jackson's "Thriller" music video.

Fingers crossed they make the Oscar nominee short list. We can't wait to see what she comes up with for the Oscars: plastic bubbles, something in sirloin, Kermit the Frog coats, perhaps matching exploding brassieres for herself and the Rocket Man.

STORY: How Women Saved the Music Industry in 2011

Mary J. Blige's song, "Living Proof", from The Help, is also on the Oscar Best Song long list. So is will.i.am's "Hot Wings", from Rio, and Robbie Williams and Brad Paisley's duet "Collision of Worlds", from Cars 2.

Others in consideration: Chris Cornell ("The Keeper", from Machine Gun Preacher), actress/singer Zooey Deschanel ("So Long", from Winnie the Pooh) and Elvis Costello ("Sparkling Day", from One Day)