A source close to the 'Heartless' rapper has confirmed the release date of the LP - presently titled 'Good Ass Job' - and says Kanye is presently putting the finishing touches to recordings at his Hawaii home studio.
Rappers and producers involved with the project have said it marks a return to his New York hip-hop roots, after the more melodic departure of 2008 album '808s and Heartbreak'.
Former A Tribe Called Quest member Q-Tip recently revealed his involvement, saying: "I just try to work with people who I admire or who I think has got it. So right now I'm working on Nas' s**t, about to work with Kanye on his s**t."
Wu-Tang Clan member and main producer RZA, producer-and-rapper Pete Rock, and producer No I.D. have also flown to Kaye's Diamond Head studio to work on the record. Although Rock has denied he is involved, it is widely believed he is bluffing and has been sworn to secrecy by Kanye.
Despite reportedly falling out with the rapper, Drake confirmed earlier this year he would feature on Kanye's latest project.
He said: "Me and Kanye, when we do come together, it's great. We have great chemistry. In a couple of weeks I'm going to Hawaii so I can work with him and No I.D. some more."