The Beatles legend - who was married to Linda for almost 30 years until she died from breast cancer in 1998 - has reportedly called his new record "Memory Almost Full," an anagram of For My Soul Mate LLM.
A source said: "It is a title Paul has been thinking about for a long time, even before Linda died."
It has also been revealed the album has been inspired by his bitter split from second wife Heather Mills.
The source added: "In many ways it's a break-up album. But it's also a homage to the woman who remains the true love of his life and his soul mate. Paul sings about his never-ending love for Linda and his struggles with Heather."
Paul and Linda, who married in 1969, have three children - Mary, Stella and James. Paul also adopted Linda's daughter Heather from her first marriage.
The pair reportedly spent less than a week apart during their entire marriage.
Meanwhile, it has been revealed Heather once reportedly enjoyed a foursome with an Arab prince and TV actress.
The former model allegedly joined Prince Turki bin Nasser, actress Karajan Mallinder and a prostitute in bed for $2,000.
Party organizer Ros Ashley told Britain's News of the World newspaper: "Heather, Karajan and a third girl Petrina Montrose got $2,000 each to sleep with Turki in the early 90s."
"Heather had an amazing figure and her behavior was so brazen. She would strip off and waltz around."
"Heather and Karajan both had sex with my Arab friends and were handsomely rewarded with cash and jewelry."
It is also alleged Heather was paid $4,000 to have sex with billionaire Adnan Khashoggi in the late 80s.
