Metallica have teamed up with former Velvet Underground vocalist/guitarist Lou Reed for a one-off project.Earlier in the year, guitarist Kirk Hammett hinted that the band were set to enter the studio to record a batch of new material that was "not really 100 per cent a Metallica record". And late last night, it was revealed that the band have recorded a full-length album with the legendary musician."Ever since we had the pleasure of performing with Lou at the 25th Anniversary of the Rock And Roll Hall Of Fame at Madison Square Garden in October of 2009, we have been kicking around the idea of making a record together," say the band in an official statement. "Some of you astute Bay Area residents may have picked up news of recent Lou Reed sightings in the greater San Francisco area and we have indeed been working at our home studio at HQ on and off over the last few months. In what would be lightning speed for a Metallica related project, we recorded 10 songs during this time and while at this moment we're not exactly sure when you'll hear it, we're beyond excited to share with you that the recording sessions wrapped up last week."A true innovator and easily one of the most influential songwriters, musicians, and performers in rock music history, Lou's work with the Velvet Underground and as a solo artist has such an enduring quality that he has long been revered and respected by us and many of our peers," they continue. "We can't wait for you to listen to the finished record, so as we like to hear ourselves say around here, keep watching this spot for updates . . . we'll be back with more details as they come together."Metallica will headline Sonisphere at Knebworth on July 8.