Miley Cyrus and Wayne Coyne of the Flaming Lips have been buds for a while now. And after they posted videos of themselves in the studio, it looks like an album is actually becoming a reality.

The Flaming Lips frontman revealed that the two are working on seven songs that he and Miley wrote and recorded at the band's studio and Miley's home in Los Angeles. "Her studio is just a little room with a desk," Wayne told Billboard regarding the new material, "and Miley was sitting there mixing. I was like, 'I can't picture Beyoncé doing this!' It's not a ­putdown of Beyoncé. I just don't see her recording her own vocals and then EQ'ing it. It's so punk rock!"

While all the recording is done, Wayne and his bandmate, Steven Drozd, are still mixing it at their studio in Oklahoma City. However, there is still no set release date.

"[Miley] does the pop thing so great, so it still feels pop, but a slightly wiser, sadder, more true version," he said about the project. "Some of it reminds me of Pink Floyd and Portishead."

Miley hasn't really talked about the collaboration, but she did post pictures of herself and Wayne on Instagram, including polaroid pics from Miley's "Diary of a Dirty Hippie" piece in V Magazine.

And apparently this partnership goes beyond the studio, and the two are pretty much besties. "We've just been getting in each other's worlds," Coyne said. "We text every day -- sometimes three times, sometimes a thousand."

Aside from the Beatles covers and this new project, they also recorded their own rendition of Led Zeppelin's "Baby I'm Gonna Leave You". She also starred in a short film by Wayne and Moby called Superfreak.

With all the trippy things they've been up to, we're very curious to hear what these two have come up with.

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