However inclusion of the track could be tricky due to the fact that the album is set to be released on February 5.
Pete Wentz said: “I’d love to put it on the record, but the timing is insane, so we’ll see. I’m sure it will pop up somewhere… I’m not sure where we’re going to put it yet.”
Wentz also revealed how the collaboration came about. He said: “I ran into Kanye at some fashion show in California. He was like, ‘We should hang out some time!’.”
“It turns out he’s one of my neighbours in California. So he called me and (frontman) Patrick (Stump) up one day and invited us over to his place. We went, and he played us new songs and we played him some of ours. And he agreed to do a remix for us.”
Wentz said of the plans with West: “I think he’s gonna do an ’…Arms Race’ remix and maybe do a verse on it or something. And then we’re gonna do something with one of his songs.
“I love everything he’s done, from his mixtape stuff to ’Jesus Walks’, and I have to say the new Kanye stuff is going to blow everyone away next year.”
The bassist also told MTV News that the two were set to collaborate earlier but conflicting schedules didn’t allow it.
“We were actually suppose to appear in his ’Touch The Sky’ video as reporters, but we were in Europe when it was being filmed,” he explained.