The former Spice Girl released three albums following her exit from the girl group and scored eight top ten singles - four of which topped the UK chart. According to The Sun, Halliwell is now setting up her own label from which she can release her new music.
"Geri is back in the studio," a source told the paper. "She wants to release a solo album next summer. Her masterplan is to start off with a cover reworked as a huge dance track.
"She is recording a handful of them now."
They continued: "She is out of a record deal so she has decided to do it and fund it herself. She considered taking it to a label but thought the way her fellow Spice Girl Melanie Chisholm played her solo career was a better idea - pulling it together herself.
"Geri also has a girlband she is working with, who she thinks could cut it. She thought it would be wise to sign them on her own and get the cash for herself.
"She has been texting all of her friends - including Victoria and David Beckham - asking for their favourite tracks for her to record."
Earlier this year, Halliwell appeared as a guest judge on The X Factor.
> Belle Amie hoping for Halliwell contact