Metallica drummer Lars Ulrich said in a statement Thursday that working with Reed and Aronofsky is "living the dream."
Ulrich called making this album and video a monumental chapter in his life.
"As if making a record with Lou Reed is not enough, now I get to make a video with Darren Aronofsky, who has been among my very favorite filmmakers since his first movie, "Pi."
The avant-garde Reed said he shares Ulrich's affection for that film as well and he hoped the video "can be his next Black Swan."
Aronofsky brings his cameraman, Matthew Libatique, to the project as director of photography. Libatique has worked on all of Aronofsky's feature releases and has been a cinematographer for several Spike Lee films.
Released on Tuesday, "Lulu," the joint venture between the singer-songwriter and the metal band is inspired by German playwright Frank Wedekind. Reed called the album "the best music I have ever done."
Several years ago, another Wedekind play, "Spring Awakening," was adapted by recording artist Duncan Sheik and lyricist Steven Slater, and won the Tony for best musical.