Azealia Banks has insisted she's "flattered" to have been asked to collaborate with her former rival Iggy Azalea.

Australian rapper Iggy broke the news of the duet on her social media pages over the weekend (01-02Jul17), with Azealia taking to her Instagram page on Tuesday night to set the record straight, telling fans that the pair hadn't "officially" agreed to collaborate and she was waiting to hear more.

Azealia then returned to Instagram on Wednesday to clarify her remarks, after fans took the words to be something of a dig at Iggy.

"Please let me clear up any misconception for anyone that took my words out of context: I am incredibly flattered and so excited about a future collaboration with Iggy," Azealia wrote. "Yes, she and I had our differences in the past, but we were so young and that was so long ago. She and I are both on a whole other level right now, and I have nothing but respect for her as a woman, an artist and a businesswoman. As such, I'm thrilled for the opportunity to work with her, or any other artist out there because I truly believe that united, we are stronger."

The 26-year-old added that she has been in talks with Iggy over recording a track but they are yet to decide which song they will perform together.

"Thank you all for the overwhelming interest in what I'm sure will be an incredible collaboration!" she concluded.

News of the collaboration came as something of a surprise to Iggy and Azealia's fans, considering the duo have been at loggerheads for the past six years, with their feud beginning when Azealia lashed out at the Fancy star for adopting African-American speak and cultural symbols even though she's a white Australian.

The feud reached its height at the beginning of last year when Iggy claimed she and the 212 rapper did not "like each other on a personal level".