The singer will record a collection of festive tracks for his new LP Classic Christmas, which will be released in the UK on November 28.
The 20-year-old will also challenge this year's X Factor winner for the number one spot when he releases his own version of Wham!'s 'Last Christmas' on December 19.
Announcing the news on Twitter, McElderry said: "#classicchristmas !! On its way!! Been in the studio all day!! 3rd album!! (sic)
"It's gonna be all my favourite christmas songs!! I love christmas and now I love it even more!!!"
The festive disc will follow McElderry's recent album Classic, which reached number two in August and has been certified Gold in the UK.
Classic Christmas will follow the star's upcoming 16-date tour, which begins in Southend on November 8.
> Joe McElderry: 'I should have had more input on my debut album'
Watch the music video for Joe McElderry's 'Time To Say Goodbye' below: