As Daniel Lanois finalizes a distributor for his year-in-the-life documentary, "Here Is What Is," which screened at the 2007 Toronto International Film Festival, the famed producer/musician will finish up the companion album of the same name, before working with U2 in November.

"What's left to do with the album is to make sure that those [songs] are in fact the best versions," says Lanois, sitting in his spacious recording studio in downtown Toronto.

"They are the versions that are in the film because those are the versions that were filmed, and I wanted the film to be about that. I didn't want it to be smoke and mirrors, and 'play it again; we'll cheat some shots.' If I use the versions of the songs that we have in the film, then they're kind of ready to go."

He is no longer signed with U.S. record label Anti/Epitaph, but is still talking with them about releasing the album, as well as opening himself up to offers from other companies. "I'm imagining it could come out early in the new year, maybe March," Lanois says.

The Quebec-born musician has won 10 Grammy Awards and produced a handful of albums for U2, namely "The Joshua Tree," "The Unforgettable Fire," "Achtung Baby," "How To Dismantle An Atomic Bomb" and "All That You Can't Leave Behind," in addition to Bob Dylan's "Oh Mercy" and "Time Out of Mind," and Peter Gabriel's "So," "Us" and "Birdie."

He is also an accomplished recording artist himself, who has released a series of solo albums, including his 1989 acclaimed debut, "Acadie," 1993's "For The Beauty Of Wynona," then "Shine" a full decade later, and 2005's instrumental "Belladonna."

Much like the "Here Is What Is" documentary, which shows Lanois bouncing from Ireland where he produced a song for Sinead O'Connor to Morocco to write with U2 and Brian Eno, the new album was recorded "everywhere" -- Toronto, Los Angeles, Europe and Jamaica.

Lanois owns property in Jamaica and "here is what is" is a "Jamaican proverb" he claims at first, but later says, "I like the idea of inventing a new term." Either way, he explains how he came to use it.

"I actually said it one night when somebody was visiting my house. We were listening to music. We were having a great time. There were some interesting folks over and it was fascinating evening and then after all that, the person said, 'So what's going on tonight?' as if to say, 'If only we'd found the right club to go to then the evening will be great.' I looked at him and said, 'Here is what is, man.' [laughs]."

He turned that phrase into a song, which can be heard in the film and is the title-track of the forthcoming album. He starts reciting part of the lyric:

"Ice falls on me but I feel no cold / You're like a fleece / Like a new soul / I'm standing on the ledge / Not fearing a fall / Your salvation teaches all - here is what is."

"It's kinda looking at life in a different way," he explains, "and understanding the power of the moment or the power of the person that we're with, maximizing their presence -- because we live in a phone society. 'Let me line up the next thing.' 'If I could just speed to the next stop, then it will be great,' but the cliche is the journey is the beauty, so that is what 'Here Is What Is' is about."

Lanois reveals that his little brother passed away three years ago "so the songs are all tainted with that event." But the vibe is not mournful, he assures. "No, no, just from his perspective."

He recites another lyric: "On my way home / I looked up in the sky / And the stars held up the night / Destiny set me free / Destiny set me free / I miss the games we play / With innocence we blaze / Ah, you still amaze me with your joy."

"It could be my little brother speaking to my mother. He finally, after a long struggle, had found peace," Lanois explains.

The song is called "Joy" and is the finale in the documentary.

Another song on the album is "Love Child," which The Band's dexterous keyboardist Garth Hudson plays in the film's opening. "That has lyrics that are not in the film," says Lanois, "and, again, 'Love Child' is kind of like my mother speaking to her son."

Other songs on the album are "Moon Dog" and "Duel Glide," which Lanois says "are a little more driven by native wisdom for lack of another term."

Not every song featured in the documentary will be on the album. It's not an official soundtrack. Mostly, it will be his material. "I wouldn't put the Sinead track on. I don't think we would put in a U2 song unless they thought it was a good idea, but I would get Brady Blade Senior's,' says Lanois.

In November, he and fellow U2 producer Brian Eno will reconvene with U2 for work on the band's new album. They've done three writing sessions to date, one in Morocco; two in France. "We're invited as writers this time," says Lanois.