The Brooklyn-born rapper made the announcement on her 36th birthday earlier this week, stating that her new record's lead single will be titled 'Looks Like Money'.
No release schedule has been confirmed for either release, but they are expected to be available before the end of the year.
The album will serve as the follow-up to 2005's The Naked Truth, which reached number six on the US Billboard 200 album chart.
The past six years have seen the female hip-hop star release a series on mixtapes, including her recent Black Friday EP earlier this year, which took aim at her rival Nicki Minaj.
Kim and Minaj have exchanged a number of heated diss tracks over recent months including 'Black Friday' - a take on Minaj's debut album title Pink Friday - back in November.
Minaj responded by releasing a song titled 'Tragedy' back in April, which described Kim as "tragic".
Watch the music video for Lil Kim's 'Black Friday' below: