Fans on YouTube are 'luvving' Psy's new hit I Luv It.

Posted on Wednesday (May 10), the YouTube music video had nearly 10 million views by Friday morning.

The song is one of the lead tracks on Psy's eighth full length album 4X2=8, also released on Wednesday.

The other lead track is New Face, which is also available on YouTube.

The album is dominating all eight South Korean music charts, where it appears in the top 10, the Korea Herald reported.

In Singapore, the I Luv It YouTube video was trending at No. 2 ,while it was No. 1 in South Korea on Friday.

It is a slick production packed with catchy beats and quirky dance moves by the 39-year-old Psy.

There's also a notable cameo by another YouTube breakout viral phenomenon - Japanese comedian Piko Taro, who had his own social media hit with PPAP (Pen-Pineapple-Apple-Pen) last year.

He makes a brief appearance in his trademark leopard-print togs about 30 seconds into the 3min19sec video.

Also showing off his dance moves is action star Lee Byung Hun, a close friend of Psy's.