The music stars will be teaming up in the studio in June to start laying down vocals for their collaborative effort, reported Sun online.
Gaga, 26, is currently working with Bennett, 86, on tunes as she recovers from her recent hip surgery.
"We're working on it from now until June, and then we'll record in June. She's phenomenal. I get along great with her. She's looking forward to it and so am I," he said.
Bennett added that their album will prove Gaga "is one of the best jazz singers that anyone has ever heard."
The legendary singer also famously teamed up with the late Amy Winehouse for his collaborative album. He also shared the mic with stars including Mariah Carey, Carrie Underwood, Aretha Franklin and John Mayer.