The 23-year-old pop star and John, 38, are poised to collaborate on a new version of the Grammy and Oscar-winning song, which will serve as the title track from the movie's soundtrack.
The song - was first recorded by actress Angela Lansbury in 1991 - is being produced by industry veteran Ron Fair, whose work has led to six Grammy Awards and 18 nominations.
He said: ''Stepping into the shoes of an Oscar and Grammy Award-winning classic is not small potatoes. But with today's two greatest plutonium singers - John Legend and Ariana Grande - we are bringing the song back with a new school-old school fresh treatment that shows the soulfulness and power of what a great melody and lyric can inspire.''
It has been confirmed, too, that the single will be accompanied by a music video produced by Dave Meyers, who has previously worked with a host of major artists, including the likes of P!nk, Janet Jackson, Ice Cube and Britney Spears.
The hotly-anticipated 'Beauty and the Beast' live-action movie features a star-studded cast, with Emma Watson and Dan Stevens set to play the central roles.
In the film, Emma plays the part of Belle and a video clip of the 26-year-old actress singing leaked online earlier this week.
Emma previously admitted to being nervous about singing in 'Beauty and the Beast', having not done so for such a long period of time.
The actress said that whilst she was ''excited'' to be given the iconic part, she also felt anxious about lending her voice to the role.
Emma shared: ''It's so crazy. I was so excited. It was nerve-wracking for me because I've sung as a child in plays and I loved it, but I just hadn't done it in such a long time, it was like learning to ride a bike again.''
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