The duo shared photos from a recording booth at The Cave music studio in Hampshire across Saturday (October 22), encouraging the idea they could be getting ready for the festive season.
In a since-deleted post on her Instagram Stories, reality star and former glamour model Price wrote: "Dreams do come true. Never give up. Scarlett you are beautiful inside and out and an amazing singer and songwriter. I'm just so excited."
Scarlett, who made it to the X Factor finals in 2018, later shared a picture of a computer screen covered up by a Christmas hat sticker, with the caption: "Everyone loves a rumour. We love a Christmas song, don't we @katieprice @thecave.music."
This is far from Price's first attempts to storm the UK charts, making a failed bid to represent the UK in Eurovision in 2005 with song 'Not Just Anybody' and reaching number 12 with single 'A Whole New World' with ex-husband Peter Andre.
She later released another single, 'Free To Love Again' in 2010, peaking at number 60.
In September 2022, Price hinted there was new music in the works, sharing a clip of DJ Rick Live playing some of her music in Ibiza and writing: "Getting ready to release a new album soooon, @iamricklive thanks for your patience."
Over more recent years, Price appeared to have put her musical ambitions on the back burner in favour of fronting documentary films, particularly around raising her disabled son, Harvey.
In 2022, she released Katie Price: Trauma And Me with Channel 4, discussing her own relationship with mental health and the struggles she's personally faced.
The film also included her admitting she "didn't care if she died" after flipping her car last year in a drink-drive incident.
The documentary aired on World Mental Health Day and showed Price leaving court after pleading guilty to drink-driving, driving while disqualified and driving without insurance.
After being handed a 16-week suspended sentence and a two-year driving ban she said: "I've decided to see a therapist every week for the rest of my life. Mental health is cruel, people don't understand it, you can't see it. I need help."
WATCH: Katie Price admits she was suicidal at time of drink-driving arrest