From James's official web site:
Yes the rumor is true. I have been in contact with Dirk Ulrich and we have agreed to do this album which will be incredible to say the least. I do know who the other singer is but won't say at this point. I will wait until everything is official and all legalities have been dealt with. All I can say is this individual is very well known and one of the top opera stars of today.
Great seeing you out on tour. We are having a blast and the shows have been fantastic.
See you around.