The Beatles legend is collaborating with James - his son with late first wife Linda McCartney - on the LP, and says the experience is "really exciting".
He told Billboard magazine: "I'm actually doing some recording with my son, James. We're making an album together. He's doing it all. He's writing it all. It's sensational."
"There's nothing set in stone yet - the plan is for me to just do some recording with him. But it's really exciting, I'm really loving it."
The 65-year-old musician also revealed his latest songs have been inspired by his bitter public divorce from animal rights campaigner Heather Mills.
He said: "I think one of the great things is that music is a great healer and it's a great sort of therapy. You work through it with your music. I thank heaven for my music. I feel very, very blessed. People always used to call it a gift, the gift of music, and I think that's very much more and more how I see it.
"Whatever happens, I still seem to come out positive and optimistic. I think that's just my character."
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