The news was announced through a three-minute Samsung commercial which played during Sunday's NBA Finals Game 5.
In the commercial, Jay-Z is seen recording and brainstorming in the studio with Rick Rubin, Pharrell Williams, Timbaland and Swizz Beatz, the Hollywood Reporter said.
"The album is about, like this duality of how do you navigate through this whole thing, through success, through failures, through all this and remain yourself," Jay-Z tells Rubin.
"We don't have any rules. Everyone's trying to figure it out. We need to write the new rules," Jay says as a ringing, piano-driven instrumental plays in the background.
Fans will be able to unlock the album on the phone's Magna Carta app.
"The idea is to really finish the album and drop it. Giving it to the world at one time and letting them share it, and it goes out.