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Sources say that pop icons Cher and Lady Gaga are planning a musical collaboration.

Music legend Cher met the equally flamboyant Lady Gaga at the MTV Video Music Awards in Los Angeles earlier this month and sources say the two formed an immediate bond.

Cher, 64, presented Gaga, 24, with the Video of the Year award.

Author Mark Bego, who has written two books about Cher, tells the National Enquirer, “They are now like mother and daughter.

“They both take their outlandish fashion sense dead seriously, both have a sense of humor about themselves, and they are both staunch gay rights activists.”

An insider reveals, “They’ve talked about performing in concert together – and perhaps even recording a duet.”

Check out photos and video from the VMAs HERE or, for a second helping of Lady Gaga’s meat dress, see below: