Both artists shared the same photoshopped image of them posing in front of a green screen at a photography studio in a transposed "spooning" position with the number "10" in the caption.
'Shape of You' hitmaker Ed wrote alongside the Instagram snap: "10. Photoshop spoon."
Whilst the 'Sorry' hitmaker simply wrote the number.
A new song from the pair - who had a hit with 'Love Yourself', which Ed co-wrote with Bieber and Benny Blanco, in 2015 - would come as no surprise, as it was recently reported that the flame-haired star's new album will feature duets with the 25-year-old pop star and Beyonce.
The 28-year-old singer is working on a new record, which is expected to be released later this year, and will be comprised entirely of duets with other artists.
Along with songs with Justin, Beyonce and Andrea Bocelli, Ed is also set to feature collaborations with "lesser- known hip-hop artists".
Beyonce featured on a version of Ed's hit 'Perfect' from his latest LP 'Divide' and Italian star Andrea on the operatic version titled 'Perfect Symphony'.
Justin - who recently made his music return on Lil Dicky's song 'Earth' with Ed, Ariana Grande, DJ Khaled, Katy Perry, Halsey, Shawn Mendes and Adam Levine - told fans in March that he wouldn't be rushing his return to music because he wanted to take the time to make something he could be proud of.
He wrote in a lengthy social media post: "So I read a lot of messages saying you want an album .. I've toured my whole teenage life, and early 20s, I realised and as you guys probably saw I was unhappy last tour and I don't deserve that and you don't deserve that, you pay money to come and have a lively energetic fun light concert and I was unable emotionally to give you that near the end of the tour.
"I will come with a kick ass album ASAP, my swag is undeniable and my drive is indescribable his love is supernatural his grace is that reliable.... the top is where I reside period whether I make music or not the king said so. but I will come with a vengeance believe that.. (grammar and punctuation will be terrible pretend it's a text where u just don't care). (sic)"
However, he broke his hiatus to duet with 'Thank U, Next' hitmaker Ariana on 'Sorry' at Coachella last month.
During his impromptu appearance, which came after Ariana sung 'Break Free', Justin - who is married to Hailey Bieber - told the California crowd: "I haven't been on stage in like two years. I came out here, no idea I was gonna be on stage tonight.
"I wore this fly outfit not knowing I was gonna be on stage. I had to get my groove back, get my swag back."
The 'Love Yourself' singer - who shares manager Scooter Braun with the 'No Tears Left to Cry' hitmaker - then said: "Thank you Coachella, thank you to Ariana Grande. She's so amazing by the way, she's so awesome."
Justin also teased that his new album - his first since 2015's 'Purpose' - is "coming soon".