So evidently there WAS some truth in the rumors that Britney Spears was collaborating with Justin Timberlake and Timbaland on a new track.  Surprise, surprise.... but Britney blew it!

Music producer Timbaland says there was some talk about a duet between Britney and her ex-boyfriend Justin, but it doesn't look like there is any chance of that happening now. 

Timbaland says a Britney-Justin duet would have been "the best thing that ever happened" and would "help her out a whole lot."

The music mogul also has some advice for Britney's "comeback."

"She needs a story," he said. "She has no comeback story. That's the problem. She has to have a team. She needs to come back with Justin doing records; [then we'd see headlines like,] 'She went back to her ex and she's making smashes.' [But instead she got] so big-headed and [was] like, 'Screw you, screw you, I don't need nobody.' "

With all of the partying Brit-Brit is doing, you'd think she would at least have a story!

Meanwhile, Timbaland wants Spears to apologize.  I wouldn't count on it!!