Several months into their new relationship, Miley Cyrus and Cody Simpson are hitting the studio together

Though details have yet to be announced, a source confirms to PEOPLE the singers are teaming up on a new musical project together.

TMZ previously reported Cyrus’ company recently filed legal documents for ownership of the name Bandit and Bardot, and an Instagram account with that handle only follows Cyrus and Simpson’s accounts.

It’s unclear if Cyrus — who released one of three planned six-song EPs in May — is concurrently working on solo music. Meanwhile, Simpson had been teasing fans about his new pop album for months, but the Australian star recently told E! News it had turned into a rock album.

While attending New York Fashion Week in September, Simpson said he was “towards the end of recording [my] first pop album in about five years.”

Miley Cyrus and Cody Simpson
Cody Simpson and Miley Cyrus
| Credit: MEGA

In October, Simpson, 22, released a new song, titled “Golden Thing,” that was inspired by his new girlfriend, 27.

“Diamond throne all on her own / coffee skin, she let me in,” he sings in the love song. “It’s a golden thing we’ve got.”

Over the weekend, Cyrus brought Simpson and her dad Billy Ray Cyrus to a holiday party thrown by her Happy Hippy Foundation at My Friend’s Place in Hollywood. The trio performed a special acoustic version of Billy Ray’s “Old Town Road” for attendees at the charity event.

Miley was also joined by sister Noah and mom Tish Cyrus for the jam session, as well as a teen musician on the clarinet.

Cyrus and Simpson were first linked in October following her high-profile splits from estranged husband Liam Hemsworth and ex-girlfriend Kaitlynn Carter.

Although Cyrus and Simpson’s relationship appeared to move quickly, the pair were friends for years before romance bloomed.

“It is early, but their friendship is long-standing and deeper than people realize,” Simpson’s manager Matt Zeidman previously told PEOPLE. “Though they originally met during their own wilder phases, they’re both sober now and are focused on health, work and spending time together. Seems pretty ideal to me.”