The 23-year-old pop star and 38-year-old singer's version of the track, also titled "Beauty and the Beast," will appear in the live-action Disney film and its soundtrack, according to Deadline.
"Beauty and the Beast" was written by lyricist Howard Ashman and composer Alan Menken for Disney's original 1991 animated movie. The song won two Grammys and the 1992 Academy Award for Best Original Song.
Angela Lansbury sang "Beauty and the Beast" as Mrs. Potts in the original film, with the song later recorded as a pop duet by Celine Dion and Peabo Bryson for the movie's soundtrack. Ron Fair will produce Grande and Legend's version.
"Stepping in the shoes of an Oscar- and Grammy Award-winning classic is not small potatoes. But with today's two greatest singers -- John Legend and Ariana Grande -- we are bringing the song back with a new school/old school fresh treatment that shows the soulfulness and power of what a great melody and lyric can inspire," Fair said in a statement.
Grande had hinted at the collaboration Tuesday on Instagram by tagging Legend and Beauty and the Beast in a photo of herself in the studio. The film re-posted the picture on its official Instagram account.