The former Beatles – who performed together at a charity concert in New York on Saturday (April 4, 2009) – plan to head into the studio later this year.
A source said: "It has been a long time since Ringo played drums on any of Paul's songs but they've decided they can work together again."
"They had a fantastic time in New York, and realize they still work well together. They're now getting together later in the year to work on some of Paul's new songs."
The two music legends – who made up the Fab Four with their late bandmates John Lennon and George Harrison – had not performed together for over a decade before the concert in aid of the David Lynch Foundation.
The source added: "As well as having shared this remarkable history, they still connect so well together musically."
The benefit show at the weekend was headlined by Paul, who treated the audience to a number of solo hits and Beatles classics before being joined by the drummer for a rendition of "With A Little Help From My Friends" – on which Ringo performed vocals.
The 66-year-old musician said: "At this point we would like to introduce somebody to you who you know, you've heard his name. He's going to come out here and play you a little song this joyful night. Ladies and gentlemen: Billy Shears."
