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The new album, which has already been teased in the rapper's track '0 to 100', is expected to be released in spring 2015.
The collaboration will appear in PND's new album 'PARTYNEXTDOOR Two' that's scheduled to be released on July 29.
The two stars, who were involved in an altercation at a night club in New York two years ago, are photographed standing next to each other while listening to a track in a studio.
Weezy also reveals that his 'Believe Me' collaborator has worked with him on some other tracks for his 'Tha Carter V' album.
The 'Started from the Bottom' hitmaker is forced to scrap his scheduled performances in the U.K. due to illness.
The singer leads the pack with three nods including Best Female R&B/Pop Artist, Best Collaboration for her collaboration with Jay-Z 'Drunk in Love' and the FANdemonium award.
The Canadian rapper wins Best Hip Hop Artist while Skateboard P takes home the Video of the Year award for his 'Happy'.
The raptress, who has previously worked with Drake for some tracks, says that she and the Canadian MC are scheduled to hit the studio together later this week.
The Toronto rapper is also joined by Travis Scott, Tinashe and YG among others at the show which is held as part of Houston Appreciation Weekend.
Hedley wins three awards, including Video of the Year for their 'Anything', while Drake bags two for his 'Hold on, We're Going Home' and 'Worst Behavior' videos.
The co-headlining show, which will be brought to 31 cities across the U.S., is set to open on August 8 in Darien Center, New York, and close out in Texas on September 27.
The rapper was seen attending her band Lolawolf's performance in Toronto earlier this week.
Pharrell, Drake, Weezy, and Usher join Jennifer Hudson and Trey Songz as musical guests for the Chris Rock-hosted event.
In addition to her Young Money labelmates, Minaj brings out Young Thug, Lil Herb and Soulja Boy for the live performances of their collaborations.
The Canadian MC hints that his new album will arrive in spring 2015 in the new track that's co-produced by Boi-1da, Noah '40' Shebib and Ninteen85.