Paul McCartney is set to return to Capitol Records, the brand from which he launched his solo career. And with that move comes a new album, reported Billboard Wednesday.

The major deal with Universal Music Group label will also reportedly include the entire back catalog of solo work from the Beatle, dating back to 1970's McCartney, his first solo album.

"This is genuinely exciting for me," McCartney said in a statement. "Not only was Capitol my first U.S. record label, but the first record I ever bought was Gene Vincent’s 'Be-Bop-A-Lula' on the Capitol label."

The statement noted that McCartney is working on a new studio album, which would mark his first since 2013. "Paul McCartney’s association with Capitol has long defined so much of our historic legacy, and all of us here are extremely proud and honored that he has chosen to come back home," Steve Barnett, Capitol chairman and CEO, said in a statement. "Paul’s indelible contributions to our culture are second to none, and his constant evolution as an artist and performer continues to inspire and enrich the lives of countless millions of people. We are overjoyed that Paul will be creating new music for years to come, and that Capitol will be helping to present it to the world."

Capitol is owned by Universal Music Group through French company Vivendi. "It would be simply impossible to overstate what an honor it is to welcome Paul back to Capitol," Lucian Grainge, chairman and CEO of Universal Music Group, said in a statement. "It’s a homecoming of one of the greatest musical artists of all time to the label that first helped bring his incredible music to the world."

McCartney has sold more than 500 million records worldwide and remains one of the most influential musicians in the world. The 74-year-old is still touring and getting glowing reviews for his performances (most recently in Michigan). He has floated around different labels in his solo career, starting with Capitol, migrating to Columbia and then making pit stops back at Capitol, at his own label, at Concord Music Group and even at Starbucks' Hear Music.

The terms of the new contract with Capitol were not disclosed.