Metallica has spent the last couple months recording an album with Lou Reed.

The band wrote on their website late Wednesday night that, after performing with Reed at the 25th anniversary of the Rock and Roll Hall of Fame in October 2009, they had "kicked around the idea of making a record together."

The collaborators wrapped recording in San Francisco last week, but Metallica says they're "not exactly sure" when fans will be able to hear it. Drummer Lars Ulrich told Rolling Stone that the album is "90 percent" finished, noting that his band and Reed are both without current record deals. "We are free to go wherever," he said. "I'm obviously psyched for people to hear this, in whatever way we feel is right."
 

THR hears that Hal Willner, who most recently worked on Tim Robbins's debut album and has supervised many soundtracks for such films as Robert Altman's Short Cuts in 1993 and the 2006 Will Ferrell and John C. Reilly vehicle Talledega Nights, was brought in to produce some of the music.

Check out a photo of Reed in the studio at the official Metallica site and read the announcement in its entirety below: 

"A few months ago our own Kirk Hammett hinted at a new Metallica project that's 'not really 100 percent a Metallica record.' While Kirk may have jumped the gun a little (and has since been properly punished with a series of push-ups!), we are more than proud to announce that we have just completed recording a full length album that is a collaboration with none other than the legendary Lou Reed.

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. 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 ten 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. 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."