Prince is following in the footsteps of Jimi Hendrix, Johnny Cash and 2pac, and will release a posthumous album of all-new material.
The new record will come out in 2019. For the first two weeks it'll be exclusive to Tidal, the streaming service partly owned by Jay-Z.
"Our only goal is to share Prince's music with his fans as he wanted," Jay-Z said.
Tidal handled the release of the Prince's final albums before his 2016 death, HITnRUN Phase One and HITnRUN Phase Two.
"We will continue to respect and honour Prince's enduring legacy and wishes with this new collection."
After the first two weeks, the record will release elsewhere.
"We look forward to fans hearing the new music and experiencing the genius of Prince," said Troy Carter, entertainment advisor for the 'Purple Rain' star's estate.
The music on the album will be taken from Prince's legendary vault, which reputedly contains hundreds of recordings the prolific star didn't release during his lifetime. A Prince recording of 'Nothing Compares 2 U', later turned into a hit by Sinead O'Connor, was recently unveiled for the first time.
Prince died in April 2016 of an accidental fentanyl overdose.