Well, apparently not. Or at least, apparently not to the extent we were led on to believe.
In an interview with MTV.co.uk, Guetta said:
I know there’s a very big rumour about Britney’s new album, but it’s only a rumour...We did speak about the idea of working together, I think it’s a great idea and she likes the idea but we don’t have the song yet so it’s only a rumour.You know what? I don't care. I just want a fantastic, fresh new album; I don't want some rushed single - give the girl her time!