Sir Elton gave his blessing to the new version

The instrumental version of the track will feature on Lloyd Webber's latest album, Made In England.

"I always thought it was a track that could work really well with the cello," Lloyd Webber said.

Sir Elton recently topped the singles charts with a remix of his 70s track Are You Ready For Love?

"It was just great working with him. I had this chance to celebrate 20 years with Universal and they gave me the opportunity to do a few new things that I really wanted to do," said Lloyd Webber.

The track was recently used in the hit film Moulin Rouge, which starred Nicole Kidman and Ewan McGregor.

'Inspiring guy'

"I got the number of Elton's manager and asked whether he would come on this disc with me. I thought that would be it, but to my surprise he said he would love to do it - as long as it was in E flat major," Lloyd Webber said.

The composer said he enjoyed working with Sir Elton. The two recorded the classical version in July.

"It was brilliant. He's a very inspiring guy to work with because he loves people and he loves life. He just comes in and plays note perfect and has such a great feel for his music," he said.

The Lloyd Webber album also includes a reworking of the famous 1950s hit The Girl from Ipanema.