Streisand recently returned to films after an eight-year break

Gibb, 58, will write and produce a dozen songs on the as-yet-untitled album, 25 years after the pair first worked together on the album Guilty.

Guilty (1980) went on to sell more than five million copies in the United States alone and spawned the hit single Woman in Love.

Streisand's last album, a compilation of movie theme tunes, came out in 2003.

That same year, Streisand, 62, said in an interview that she was bored of singing her own songs.

"That's why I gave up concerts - in addition to having stage fright and the exertion of singing 30 songs a night. It's boring to sing your own songs."

Last year she made a successful return to acting after an eight-year hiatus, starring in the comedy sequel Meet the Fockers opposite Dustin Hoffman and Robert De Niro.