Halliwell, 38, is out of a record deal so is setting up her own label that she can release her songs under.
Halliwell last performed with the Nineties girl band in 2008 when they finished their reunion tour, Return of the Spice Girls.
A source said to UK newspaper The Sun: 'Geri is back in the studio. She wants to release a solo album next summer. Her masterplan is to start off with a cover reworked as a huge dance track.
'She is recording a handful of them now. She is out of a record deal so she has decided to do it and fund it herself. She considered taking it to a label but thought the way her fellow Spice Girl Melanie Chisholm played her solo career was a better idea - pulling it together herself.
'Geri also has a girlband she is working with, who she thinks could cut it. She thought it would be wise to sign them on her own and get the cash for herself.
'She has been texting all of her friends - including Victoria and David Beckham - asking for their favourite tracks for her to record.'