It's perfectly understandable she'd work with Madonna though, why would you rule out working with anyone if the music/song is good and someone wants to work with you?
I'm kind of neutral on if I want them to or not, but no, they "probably" won't.
Madonna hasn't said anything about it. Azealia hasn't even made plans for it.
Azealia was asked a question, and she said she would LIKE to. She didn't say she's going to, or has even talked with her/anyone for official plans of it. It's just talk.