The band filmed a video in East London with the rapper last week.
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The track, with the working title Supernova, is set to be the lead single for upcoming album Moon Music.
It’s also hoped Little Simz – who is on stage before them – will join the band during their Sunday night set.
A source said: “Both artists were excited to make a collaboration work. No expense was spared on the high-end production.”
Frontman Chris Martin has worked with amazing artists in the past, including Rihanna and Selena Gomez, but has admitted it’s not great for his ego.
Last year, he said: “We’ve had some amazing guests. But it’s slightly deflating as you realise, ‘Oh, this person is so much more talented’.”
You’re not so bad, Chris . . . Earlier in the month Coldplay launched a desperate bid to save the life of Iran’s ‘Tupac Shakur’, who has been sentenced to death.
Chris Martin took the unusual step of speaking out about the plight of Iranian rapper and activist Toomaj Salehi.
The Yellow singer was moved to act and signed a protest letter calling on the Iran regime to immediately release the talented artist, who could be executed as early as May 14.
The Index on Censorship has recruited Coldplay and signatories including Nazanin Zaghari-Ratcliffe, who spent six years incarcerated in Iran on false spying charges.
Among 100 artists who signed the protest letter include musicians Sting, Jade Thirlwall and Damien Rice, DJ Rob da Bank, and authors Margaret Atwood and Elif Shafak.