Big Boi and Modest Mouse appeared a shoe-in for 2011’s strangest bedfellow until Metallica took to their website this evening and made their second major announcement in as many weeks. No, they aren’t getting their own version of Life (at least not yet), but the legendary rockers are gearing up for the release of a collaborative album with — Lou Reed.

(Finally, I can use this link!)

Announcing the news, Metallica explained that their partnership with Reed came to fruition following their performance together at the 25th Anniversary of the Rock and Roll Hall of Fame back in 2009. “In what would be lightning speed for a Metallica related project, we recorded ten songs,” the band writes, “and while at this moment we’re not exactly sure when you’ll hear it, we’re beyond excited to share with you that the recording sessions wrapped up last week.”

Rolling Stone has additional details on the currently untitled effort, which is said to be “90% finished.” Reed composed the record’s 10 songs, while Metallica made “significant arrangement contributions.” Tracks include a 7-minute opener called “Pumping Blood” and “Mistress Dread”.

As of now, there is no confirmed release date, but Rolling Stone reports that both Reed and Metallica are currently without record contracts. “We are free to go wherever,” Metallica drummer Lars Ulrich explained. “I’m obviously psyched for people to hear this, in whatever way we feel is right.”

While we wait for more details, revisit Metallica and Reed’s aforementioned on-stage collaboration at the Rock and Roll Hall of Fame in the video below. And just for kicks, let’s do it again.