The pair was nominated alongside fellow songwriters Anthony Rossomando and Andrew Wyatt for "Shallow", the duet GaGa sings with Bradley Cooper in "A Star Is Born", while the pop superstar-turned-actress is also up for Best Actress.
Sir Elton is confident "Shallow" will emerge triumphant at the Academy Awards next month (February 2019) - just like they did at the recent Golden Globes, and he told Ronson as much during the latest episode of his Apple Music radio show "Elton John's Rocket Hour".
"You're having a bit of a run at the moment," Elton gushed to the superproducer. "Oh my God - considering what a career you've had, you couldn't have a stronger moment than what you're having now with the Miley (Miley Cyrus) record ('Nothing Breaks Like a Heart'), which is fantastic... And then the GaGa (song), which you won a Golden Globe for, 'Shallow'."
"And I bet my house that you're going to win the Oscar, so make room for it," he confidently added. "I don't want to jinx it, but I guarantee you you're going to win an Oscar."
Elton went on to insist their fellow Best Original Song contenders don't stand a chance against "Shallow". "Hello, have you seen the competition? No, forget it," he remarked.
Shallow is widely considered the favourite in that category, although it will go up against Kendrick Lamar and SZA's "Black Panther" hit "All the Stars", Diane Warren and Jennifer Hudson's "I'll Fight" from the "RBG" documentary, "Mary Poppins Returns" song "The Place Where Lost Things Go" by Marc Shaiman and Scott Wittman, and "When a Cowboy Trades His Spurs for Wings", written by David Rawlings and Gillian Welch for "The Ballad of Buster Scruggs".
Elton will find out if his guess is right when the winners are announced during a ceremony in Los Angeles on 24 February.