The Blur and Gorillaz star is apparently taking inspiration from Noel Gallagher and will start work on solo material once his current projects are completed.
Albarn is currently working on a charity record with a collective of Western and African musicians, recorded in the Congo.
He is also in the process of recording a collaboration with Flea from Red Hot Chili Peppers and drumming legend Tony Allen, as well as writing an Elizabethan opera called Doctor Dee.
A source said: "Damon's finally ready to make a solo album after years of hiding behind cartoon band Gorillaz and working with collectives of musicians.
"He's looking forward to it and his label bosses at EMI are pleased as it's sure to sell by the bucketload."
Watch Gorillaz's video for 'Clint Eastwood' below: