The 'I'm Like a Bird' hitmaker, 45, got Australian EDM star Dom Dolla, 32, to produce the unnamed track, who is friends with the 34-year-old pop superstar's NFL star boyfriend Travis Kelce, also 34.
Speaking to on 'Extra', she spilled: "I have a song for Taylor.
"Dom is friends with Travis, so let's get it poppin'! We want Taylor on it!"
Nelly presented the 'Shake It Off' hitmaker with the Song of the Year prize for 'Anti-Hero' at the 2023 MTV VMA Awards, and she found it so "surreal" that she is a fan of her music.
She said: "It's kind of surreal for me.
"I take these long breaks away from music and sometimes I feel like a music librarian trapped in a pop star's body, so every time I come back out from the woods, I'm like 'I'm back from the woods! I'm back from my cave!'
"I meet other artists and they like my music, like a Taylor Swift, it's kind of like, 'Oh f*, that's cool!
"'Really, you were singing my song at a party?' You kind of forget that you've been around awhile."
She gushed: "She's an icon!
"That it's such a beautiful flow of life to know that your songs made an impact 20 years later Because you second guess yourself and you go, 'Oh, maybe it was just a thing, a trend.' But then when you see new generations enjoying your music, it becomes very real."
In a backstage clip, Taylor could be heard telling Nelly: "I was like, screaming, 'I'm Like a Bird' the other day.
"Versatility, dude. You can do anything; you can do anything."