Called Heart On My Sleeve, the track simulates the two stars trading verses about pop star and actress Selena Gomez, who previously dated The Weeknd.
BBC reports the creator, known as @ghostwriter, claims the song was created by software trained on the musician's voices.
"This is just the beginning," they wrote under the song's YouTube video.
"We really are in a new era," responded one listener in the comments. "Can't even tell what's legit or fake anymore."
"This is the 1st example of AI-generated music that really wowed me," added Mckay Wrigley, an AI developer, on Twitter.
Since it was posted on Friday, the song has been viewed more than 8.5 million times on TikTok. The full version has also been played 254,000 times on Spotify.
It opens with a repetitive piano figure that transitions into a booming bass beat, as the AI Drake raps: "I came in with my ex like Selena to flex/ Bumpin' Justin Bieber the fever ain't left."
The fake Weeknd responds with a verse where he "alleges" Gomez cheated on him before their break-up in 2017.
The track even includes a call-out to producer Metro Boomin', who has worked with artists such as 21 Savage, Future, Nicki Minaj and Kanye West.