The 34-year-old singer is set to drop his first music in more than a year after joining forces with the 46-year-old rapper, who he has been a huge supporter of since his youth.
A source said: ''Olly has been a fan of Snoop since he was a kid, so it's a real coup that he's been able to collaborate with him on this single.''
Olly is said to be ''really proud'' of the tune, which is more of an ''edgy'' sound than his fans are used to from the former 'X Factor' finalist.
The source added to The Sun newspaper: ''It's an edgy sound for Olly and the first music he's put out in a while, but he's really proud of it and this will ensure he's back with a bang.''
Earlier this month, David Dollimore, who is president of Olly's label RCA Records, hinted the 'You Don't Know Love' hitmaker will release a new album - a follow up to 2016's '24 Hrs' - before 2018 is out.
David said: ''He [Olly] just puts great records out.
''He does have a more physical audience, but with clever marketing campaigns and digital campaigns, who knows? It might stream bucket-loads - we've just got to wait and see how the audience reacts.''
The pop star revealed in September last year that he was going on hiatus until the end of 2017, following a busy year on the road touring his fifth studio album and promoting his singles, including chart smash 'Unpredictable' alongside Louisa Johnson.
Speaking to BANG Showbiz, he said at the time: ''I've had a great year, my tours have been brilliant - I did my arena tour, then my summer tour, and it was all fantastic, Louisa was a brilliant support act for me. But now it's just about relaxing. I'm off now for the rest of the year, no new music.''