Update (Feb. 16th, 2012): According to Star Pulse, the album will be out this June, and they have more details about the artists participating. (Thanks TheCure-Collector)
Update (Feb. 11th, 2012): Still no word on a release date for this, but a new article about it at Ace Showbiz. (Thanks Aaron)
Original story (April 10th, 2011): The Sun reports that Paul McCartney's son, James, is working with The Cure on a McCartney/Wings track for Paul's new covers album. (Thanks Heron)
Update: NME, ContactMusic, and a bunch of other sites are also running the story.
Update: Back in 2009, James McCartney (English translation) said his new album was inspired by The Cure and others.