The song was written for her 2012 concert movie, 'Katy Perry: Part of Me 3D', and could be in contention for an Academy Award nomination in the 'Original Song' category, reported Contactmusic.
"It's like a dream's dream. When I was growing up and working on music, it was always a dream to win a Grammy, but Oscar was so far out of my dream sphere.
"This would be a nomination of a completely different calibre. One that is more impressive than many other ones I've had. It's interesting to step out of your playing field and to be recognised from a different angle. It would be an honour," she said.
Singer Adele is also rumoured to be in contention for an Oscar for her haunting song 'Skyfall' from the recent James Bond film of the same name.
The 2013 Oscar nominations will be revealed on January 10 and the ceremony will take place on February 24.