Good news for fans of unforgettable Oscar moments: Elton John and Lady Gaga's duet 'Hello, Hello,' featured in the soundtrack to this year's animated hit 'Gnomeo & Juliet,' is in the running for Best Song.

It's still early going in the nomination process -- at the moment, 'Hello, Hello' is one of 40 songs vying to be included in the final list of five nominees -- but the idea of Elton and Lady Gaga performing at the normally rather staid Oscar ceremony is too tempting to resist.

"If we get nominated, I guess Gaga and I would have to perform," John said. "If we're nominated, I'll say, 'You design the outfits.'"

Of course, as anyone who remembers his '70s commercial peak could tell you, Elton's no slouch when it comes to carrying off a flamboyant stage presence -- his outfits during the decade included all manner of glitter, feathers, and outlandish accouterments, including his infamous Donald Duck suit.

If the duo makes it to the Oscar stage together, it won't be their first public performance; they joined one another onstage for the 2010 Grammy Awards, playing on either side of a dual piano festooned with sculptures of human arms while they each wore glitter-encrusted outfits and accessories. Something tells us they'd want to top that if they booked the Academy Awards ... And that they'd have no problem doing so.