The pop star is set to release a song about Diana, who died after a car accident in Paris in 1997, aged 36.
A source said the singer believed herself to be a “pop version” of the royal icon, who was hounded by the paparazzi.
The source added: “Gaga has always been absolutely fixated on Diana and sees herself as a 21st-century incarnation of her. She knows, she is almost as recognisable as Diana and is hounded by photographers and fans on the same level.
Gaga has had dreams about dying the same way as her and has genuine fears that her fame could literally kill her, either in a chase or at the hands of crazies.”
The 25-year-old star has already revealed her obsession with Diana’s charity work and fashion sense.
After her 2009 hit Paparazzi came out, which stemmed from the royal’s death, Gaga said: “Diana was the most iconic martyr of fame. She died because of it.”
Gaga played a piano version of the new song about Diana to a few people last month.
One critic said it was full of “bitter lyrics” around her usual “trademark catchy chorus”.
Meanwhile Gaga also said in an interview with American chat show host Ellen DeGeneres, that she sees herself as a gypsy.
She said: “I’m a gypsy, you know. I can’t plan my life out like that so much. Then I think, well, gosh. What a waste of money to buy a house and I’m on the road.”
