The songs in the BET film will be the Candy Girl group's first new material since 2004's One Love.
"I have put aside some songs already for New Edition," Gill tells Billboard.com. "We're gonna try to have the album ready to go by the time the movie's out, by 2017 when the movie drops. I'm making plans to start the recording process."
The film is currently being cast, and Gill jokes he was disappointed to learn Denzel Washington "wasn't available" to portray him.
"Actually, I just want somebody who can capture the essence of me, and I think that's important for all of us in the movie," he adds. "That's going to be the most important thing in telling this story is that these actors capture the essence of who we are."
The singer and his bandmates will ensure this by spending a week with the actors who will portray them onscreen.
"We have to spend time with them," he explains. "They're going to spend time with us for a week or two and kinda just get to know us and our personalities and get insight and stuff like that. It's going to be interesting when it all comes together."
Meanwhile, New Edition are set to embark on a summer tour this year (16).