They have reportedly recorded a bunch of tracks, one of which is tentatively titled "Piss on My Grave."
McCartney, 72, and West, 37, have known each other for some time. The Chicago MC attended McCartney's show at Dodger's Stadium in Los Angeles recently, and last year, the former Beatles member said albums by West and Jay Z were two of his most recent music purchases.
'Ye is readying his eighth studio album, due out this year. A source said that the G.O.O.D Music honcho, who "respects music legends" like McCartney, is "still putting the finishing touches" on his upcoming release, which will be produced by Q-Tip and Rick Rubin.
Reps for West and McCartney have neither confirmed nor denied collaboration reports.
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(Photos from left: Ollie Millington/Redferns via Getty Images, Jason Kempin/Getty Images)