Cruel Summer, which is due to be released on August 7, features all the artists signed to West's record label.
The rapper revealed the artwork, which shows a naked angel covering her breasts with her hands, on Twitter.
The cover for his last album, 2010's My Beautiful Dark Twisted Fantasy, was banned in the US for featuring a naked painting of two monsters having sex.
Tracks from Mr Hudson, 2 Chainz, Kid Cudi and Big Sean are included on the record, as well as Pusha T collaboration 'New God Flow'.
West is apparently planning to release a new solo album later in the year.
Def Jam vice president No I.D. said: "This is Kanye. You know what to expect from the family. He hasn't missed yet, so don't expect him to miss. It's what you expect and everything you don't expect."
Listen to 'New God Flow' below: