The 'Pass At Me' rapper and the 'Get Ur Freak On' hitmaker - who last worked together on 2011 track 'Take Ur Clothes Off' - want to drop their forthcoming records, Timbaland's 'Shock Value III' and Missy's 'Block Party, at the same time so they don't move ''too ahead'' of each other.
Timbaland - whose last album was 2009's 'Shock Value II' - told MTV News: ''Right now, we're just preparing to get both our videos, our first singles, shot kinda at the same time.
''We want to do it as a movement and spontaneously. I just don't want to move too ahead of her, and she doesn't want to move too ahead of me.''
Last year, Missy - who revealed in June 2011 that she has been diagnosed with autoimmune disorder Graves' disease - hooked up with Timbaland on Demi Lovato's 'All Night Long' record from her 'Unbroken' album.
Missy has recently been working as a songwriter and producer for Keyshia Cole, Monica and Jazmine Sullivan, but she hasn't released a full-length album since 2005's 'The Cookbook'.
She is set to feature on Timbaland's star-studded album along with Justin Timberlake, Bruno Mars and Chris Brown.