Smith and Lovato take part in a number of Olympic events such as wrestling, track and field and diving.
The singers receive gold medals at the end and celebrate together at the top of a podium.
"It's a hot night in my head in the chill of winter/ No, I've been looking hard for a lover disguised as a sinner/ No not a cheater, a redeemer/ He's a cold, cold-blooded defeater," Lovato sings while standing on a diving board.
"I'm Ready" will be featured on Smith's upcoming third studio album. The project was originally titled To Die For and has been delayed due to the COVID-19 pandemic.