The song, which is a spin on John’s 1971 single “Tiny Dancer”, was released on Friday (26 August) and has already gone to number one on the UK and US iTunes chart.
The release marks Spears’ first single in six years, and the first we’ve heard of new music since her conservatorship ended.
In an video posted on Twitter, Spears addressed John in a British accent, saying: “Hello Sir Elton John, we are, like, number one in 40 countries. Holy s***.”
Spears, who said she was in the bath while recording the video, added that, to celebrate, she was “about to go have the best day ever”.
Sharing the clip on his own Twitter, John said: “Hey Britney!! Thank you for this message. You’ve made my day!! Hope everyone has the best day dancing to our song!”
Fans have been loving the track, flooding social media with praise for Spears.
“Hold Me Closer” is one of many recent collaborations from John, ensuring his constant place in the charts.
Songs featuring the likes of Years and Years, Dua Lipa and emerging alt band Yard Act have been among recent projects.