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According to May, the effort will likely be released near the end of the year under the "Queen Forever" title.
Apart from the previously confirmed 1983 Michael Jackson collaboration, some of the unearthed material features appearances from David Bowie, Andy Gibb and Rod Stewart.
"We found a few more tracks with Freddie singing and all of us playing, and they are quite beautiful," Brian told BBC Wales. "So people will be hearing this work towards the end of the year. We are gonna put out an album which probably is called 'Queen Forever'. And it's a compilation, but it will have this new material which nobody in the world has ever heard. I think people will really enjoy it."
Asked about the songs' overall vibe, May added (via Blabbermouth), "Most of it comes from the '80s when we were in full flight. So it's quite emotional. It is the big, big ballads and the big, big epic sound. It wouldn't have been if we hadn't have done this restoration job.
"We had to start from scratch, because we only had scraps. But knowing how it would have happened if we had finished it, I can sit there and make it happen with modern technology. And we have Pro Tools these days; and you can do almost anything in Pro Tools," the guitarist concluded.