KANYE WEST says that he and JAY-Z are no longer planning on recording an EP together . . . instead, they’re going to do a FULL album called “Watch the Throne”.

–Kanye explains, quote, “We’re putting out a whole album now.  We had done five [songs] so far . . . and then a few of them kind of were out there . . . and I put them on my album.  Sorry, Jay!”

–He adds, quote, “We’re going to the South of France at the end of this month just to record new ideas.  We’ll probably be done with the album in like a day or whatever.”

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