Kenneth "Babyface" Edmonds, who is co-producing the album, told Billboard that the album was almost complete, adding, "It's a beautiful, beautiful record. She's singing amazingly well, and it's been a fun project to do."
A posthumous duet with Elvis is also expected to be part of the record.
It was previously reported that Willie Nelson, Usher, Robin Thicke, Lionel Richie, Yo Yo Ma, Stevie Wonder, Lady Gaga, Bette Midler, Andrea Bocelli and Beyoncé were among the artists who would sing with Streisand.
The multi-award-winning performer has yet to officially confirm the talent that will be featured on the album. Earlier this year her representatives confirmed that the album was underway.
Streisand is an artist in multiple disciplines. She is an award-winning actress, recording artist, concert performer, film director, producer, screenwriter, songwriter, philanthropist, designer, photographer, author and activist. Streisand is the only artist ever to receive an Oscar, Tony, Emmy, Grammy, Directors Guild of America, Golden Globe, National Medal of Arts and Peabody Awards as well as France's Legion d'Honneur and the American Film Institute's Lifetime Achievement Award. She is the recipient of two Oscars, five Emmys, 10 Grammys, a Tony and 12 Golden Globes including the Cecil B. DeMille Award. She is also the first female film director to receive the Kennedy Center Honors. The three films she directed received 14 Oscar nominations.