Update (4/1): Maybe it was a grand April Fools' Day joke. A spokeswoman for Alexander McQueen said no Lady Gaga collection is in the works.
Lady Gaga is reportedly set to design a capsule collection for the Alexander McQueen label, according to Fashionising.com:
PPR, who own half of the McQueen fashion house...are said to be keen on Gaga's involvement due to the commercial viability and cohesion between both the brand and the performer. As the Wall Street Journal revealed in February, McQueen considered Lady Gaga his "unofficial muse."
The collection should be ready for Spring 2011 and its working title is "Poisson D'Avril," which Fashionising calls "a reference to the thematic poison present in Lady Gaga's Telephone video clip." But in French "Poisson D'Avril" is what you say after you play an April Fools' Day joke...so, uh, maybe PPR started early this year.