"My manager [Larry Rudolph] is her manager and she's been working on her album lately and I've been working on an album, so we hit the studio together a lot, and she's a cool girl," Spears told E! News.
Spears, 31, and Cyrus, 20, are both former child stars who have experienced bumpy transitions in creating adult images for themselves.
After a few years of erratic behavior in her early 20s, Spears has since been focusing on her music career and two young sons.
Cyrus is the former star of the family TV series "Hannah Montana." She was criticized last month for appearing scantily clad, grinding against 36-year-old singer Robin Thicke and making vulgar gestures with a foam finger throughout her performance at the MTV Video Music Awards show.
She also recently ended her engagement to actor Liam Hemsworth, her boyfriend of more than three years.