Miley Cyrus and Flaming Lips are recording a Beatles cover.

The "Adore" hitmaker and the rock band have announced they have teamed up in the studio and are in the process of creating their own version of the 1967 hit "Lucy In The Sky With Diamonds."

Frontman Wayne Coyne took to Instagram yesterday to announce the collaboration. He posted a picture of Miley, 21, in the studio, accompanied with the caption, "Miley in the studio vomiting diamonds while singing Lucy In The Sky With Diamonds!! If you're a Beatles and John Lennon freak you gonna love love love this track!! Got Andrew from MGMT too!!!! [sic]."

Wayne, 53, hinted at a possible collaboration last Friday when he posted a picture of Miley rolling a cigarette, but he failed to divulge too much information. "Recording with Miley... High as f**k..." he wrote.

This isn't the first time the duo have teamed up as Wayne has joined Miley on stage on a number of occasions recently during her Bangerz world tour.

"Lucy In The Sky With Diamonds," which was written by John Lennon and Paul McCartney, featured on the Beatles 1967 best-selling album Sgt. Pepper's Lonely Hearts Club Band. The track was always believed to be about drugs, but John insisted it was inspired by a drawing etched by his son Julian when he was at nursery school. However, in 2004, Paul confirmed the song is about LSD.