The couple aspire to repeat the success of Beyonce's last self-titled album, which was released in December and was a commercial success, despite the lack of promotion and marketing, reported New York Post.
Beyonce, 33 and Jay Z, 44, are apparently looking to release it either later this year or in early 2015.
It has been speculated the new album will be accompanied by a number of music videos and possibly even a movie.