The producer/rapper has revealed he reached out to the British-born rocker earlier this year (13) and they have been bonding both in and out of the recording studio for the past six months.
Rza admits fans may have to wait some time before they are ready to release material they have been working on, and he warns devotees the Banks collaboration is far removed from his work in hip-hop.
He tells Rolling Stone magazine, "My manager came to me and said, 'Who do you want to do an album with?' I said, 'Well, Paul just has an energy about him. I think if we put our sandwich (material) together it will be great.'
"Me and Paul, we play chess together and just hang out. We went to the studio and we started writing songs and they sound very, very different than what I do, but very unique and very peculiar. But it won't be out for a while. It may take us a year to finish this album."