The 29-year-old American rapper has let slip that the pair have a new song on the way produced by BRIT Award-winner Fred Again.
Speaking to BBC Radio 1Xtra's Reece Parkinson today (April 26), Russ teased, "The Ed Sheeran thing is crazy so … Ed Sheeran is just the greatest guy ever. If anyone ever has the pleasure to meet Ed Sheeran, he's just the most genuine guy ever … We have a song and it's insane. That's what I'mma say…we have a song and it's INSANE!"
Asked if it will be a summer song, he replied, "Yeah that's the plan."
Russ added, "His guy, Fred Again, produced it."
Russ was recently spotted hanging out with the "Bad Habits" hitmaker at the pub with pals Big Narstie and Chunkz.
The label owner - who went viral on TikTok after releasing a remix of his song "Handsomer" featuring Ktlyn Raps - has already worked with the likes of Snoop Dogg, Ty Dolla $ign, Rick Ross, and Mahalia.
Ed recently explained that he has planned lots of collaborations for this year because being a solo artist can be a "lonely" experience.
He explained, "This year is actually going to end up being busier than last year, which I'm really excited about. There's a lot coming out."
"I've wanted to span genres. I had a load of people hit me up in different genres, ranging from metal to drill music, and I just said yes to everything. It's been a really interesting collaborative process."
The "Perfect" hitmaker has plans to work with a number of big-name artists, as he continues to push his own boundaries.
And the "Thinking Out Loud" hitmaker - who has previously collaborated with the likes of Stormzy, Taylor Swift, Bring Me The Horizon and Camila Cabello - gets a real buzz from joining forces with other musicians.
He added, "It's quite lonely being a solo artist sometimes and it's quite exciting, like I did a session this morning at 7am with a guy called Kodak Black who's from America and after that I did a session with a guy called Kwengface who's from Peckham."
To listen to the full show tune in to BBC Radio 1Xtra today 16:00-19:00 or listen back afterwards on BBC Sounds.