The album, which Starr also produced, is set for release Jan. 12 on Hip-O Records/UMe, Universal Music Enterprises said Friday.
Starr and McCartney collaborated on the CD's first single, "Walk with You," a song about the power of friendship.
Starr's decision to take a stronger role in the recording of his latest solo album was a significant one, his record label said.
"I didn't do it at the start," Starr said in a statement. "I was the least involved in the production of the Beatle records. And then with my solo records, I worked with some other great producers like Richard Perry, Arif Mardin and Don Was. So it just seemed like that's the way that it goes. Then suddenly, it's another point in your life, and you say, 'I'm going do this now.' So I'll be producing anything I make from now on. That's the good news. It's a confidence thing, I suppose. And 'Y Not' is really another way of me saying, 'Yes, I can.'"