The supermodels are set to join forces for the first time in a high-profile perfume campaign for the British brand, with images shot by legendary photographer Mario Testino.
Cara shared the news on her Instagram page this morning (12.03.14), writing: ''#regram so excited to be doing a new fragrance for @burberry with the beautiful Miss Moss shot by @mariotestino watch this space... #katemoss''.
The teaser image posted by Cara, 21, shows the two women posing cheek-to-cheek in classic Burberry trenchcoats.
Fans were quick to express their amazement at the two iconic beauties' new collaboration.
One enthused, ''Kate AND Cara....amazing!'', while another fashion fan exclaimed, ''Yesss! That's a big thing''.
Cara signed with Kate's agency Storm in 2009 and has often been compared to veteran model Kate, who acts as her mentor and offers her advice on everything from her psoriasis flare-ups to dealing with fame.
Chanel mogul Karl Lagerfeld has even declared that model of the moment Cara was on her way to becoming the new Kate, who has been at the top of her game for over 20 years.
This comes after the pair enjoyed a night out in London together earlier this week, no doubt to celebrate their landmark fashion shoot.
The actress spoke about raising her 11 year old daughter Matilda in the wake of Heath Ledger's death eight years ago.