Britney Spears and Elton John prepare the music video for "Hold Me Closer"

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Britney Spears and Elton John have reached No. 1 on the streaming charts in over 40 countries, but then they'll also be aiming to break music video records...because they have one in the works.< /p>

Sources close to Britney and Elton tell TMZ...that a music video for "Hold Me Closer" is in the works in some way -- we don't know what it will sound like and if they'll be there. are same.< /p>

The single was a huge hit, once again bringing Britney to the forefront of music industry conversations. In fact, we're told she was invited to this weekend's MTV VMAs, but had to turn the show down due to a scheduling conflict that keeps her in Los Angeles.

Of course, the project with Elton already has Britney fans begging for more music.

Britney Spears and Elton John Drop 'Hold Me Closer' Filming at No. 1 in 35 Countries

At this time, our sources say there are no plans for Britney to release any additional songs, or join Elton on stage to perform the hit on his...