The rapper has teamed up with the stars on a number of tracks, but hasn't revealed whose projects the new songs will feature on.
"I worked with Lady GaGa, but I worked with Lady GaGa from afar," Banks told Mix TV. "We worked via email and via internet.
"We have a song called 'Red Flame' and a song called 'Ratchet', but I don't know what she's doing with it. She's going to release it when she wants to release it."
Speaking about working with West, Banks added: "Working with Kanye was a lot of fun. I just kind of went out to Hawaii for vacation, and he has a studio out there.
"And he was just like, 'You should really come to the studio', so I went to the studio and just worked it out."
Banks is expected to release her debut album Broke With Expensive Taste in 2013.
Watch Azealia Banks talk about Kanye West and Lady GaGa below: