The TV Burp comedian also reportedly hoped to release his album of comedy tracks with a replica version of The Beatles' classic Sgt Pepper's Lonely Hearts Club Band cover picture - only with cuddly toys replacing the famous faces on the original artwork.
However, Apple Records has refused to give its consent to the project, according to The Sun.
A source said: "Harry is gutted. The label behind the release - Island - have said he has no chance of calling the album Sgt Pepper's Volume 2 for legal reasons.
"Apple weren't having any of it. Island are now in meltdown because they have no name or artwork with the release scheduled for early November.
"They need to get the CDs manufactured and sent to the likes of HMV and Tesco as soon as possible. There has never been a case where they have had a record on Amazon with 'Name TBC' as it is now."
Hill's record company is now said to be in discussions with Pink Floyd's management about the possibility of naming the album Bright Side of the Moon - in reference to the band's seminal 1973 album Dark Side of the Moon.
The 45-year-old comedian has already shot a video for his first single 'I Want A Baby', which tells the story of 15-year-old Chantelle's quest for a baby and a mobile phone.
A source added: "It's really funny and, weirdly, the song is bloody catchy. Harry could be on to a winner."