The pair have been pictured on holiday in Brazil recently and reportedly went to a local recording studio together with a mind to make a song together.
Owner of the the studio and local disc jockey, DJ Batutinha said: "Kanye was keen to get to learn more about the funk in Rio and a DJ friend of mine referred him to me.
"Will and him went to the studio to get to know the sound of the funk better.
"They thought we could all work out something together and launch this new project."
Batitunha also went on to say that Kanye and Will plan to finish the Latin-inspired track off when they both get back to the US.
Will Smith could be about to re-enter the music world
Kanye recently announced a one-off London date at the Hammersmith Apollo which sold out in a matter of minutes this morning (February 15).
Due to such high demand, West has added a second London date to his series of random shows across Europe. For more information visit Gigwise Gig Tickets.
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