The British fashion house teased fans with an image of the pair of smiling together wearing the classic Burberry trench coats on their Instagram account.
"Kate Moss and Cara Delevingne shot by @MarioTestino – behind the scenes of a new #Burberry fragrance campaign coming later this year," the shot was captioned.
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Cara updated her own fans on Twitter. "So excited to be doing a new fragrance for Burberry with the beautiful Miss Moss, shot by Mario Testino - watch this space," she wrote on Wednesday morning.
Both models have a good relationship with Burberry. Kate has a long history with the label, having posed in its iconic trenches alongside Lizzie Jagger, Stella Tennant and Liberty Ross, while Cara modelled with Eddie Redmayne in the spring/summer 2013 campaign and is currently the face of Burberry beauty.
Kate and Cara have known each other for years and has gone to watch several of Cara's catwalk shows
This will be the first time that the pair have worked together professionally.
They are, however, good friends and Cara has called on Kate several times for some advice.
"Kate Moss saw me before the Louis Vuitton show at 3 am, when I was being painted by people to cover the scabs," she said in an interview last year.
Both have worked with Burberry before but this will be their first collaboration together with the fashion house
"She said, 'This is horrible! Why is this happening? I need to help you.' She got me a doctor that afternoon. Kate gives really good advice."
Watch Cara backstage at London Fashion Week