Bennett formed a close relationship with the 'Bad Romance' hitmaker while recording a cover of The Lady Is A Tramp for his hit album Duets Ii last year.
The 86-year-old says they had such a good time together, they are heading back into the studio again, reported Rolling Stone magazine.
"She called me from New Zealand and said, 'I want to do a jazz album with you.' And I said, 'You got it!' So that's one of the things we're gonna do," Bennett said.
And the 'Fly Me to the Moon' crooner, who plans to begin working on the project soon said that he can't wait for the world to hear Gaga in a new light.
"A lot of people don't know it, but she's a phenomenal jazz singer... She's a good friend and I respect that she's so creative, that every day she changes, she has so many ideas and carries them out. She just never stops with it. I call her the musical Picasso," he added.