A source close to the late singer's record label Universal revealed that there are "frameworks" of 12 songs that could be used for a third studio album, reports The Guardian.
Despite having not released any new material since her second album Back To Black in 2006, Winehouse had been intermittently recording new music over the past three years.
"Amy had expressed an interest in getting back into the studio, and after some consultation everyone thought that would be a positive thing and a distraction from the other things she was dealing with," the source explained.
"She had put down the bare bones of tracks and some were further along than others."
He added: "People were getting very excited, quite frankly they were really good. We heard rough cuts and they sounded like vintage Amy."
Another source close to Winehouse's management claimed that there is "masses" of material recorded, speculating that there could be enough music for two more albums.
"Amy was a writer, she was always writing songs. She had studios at home and would create demos. It seems that she was singing and playing drums to the last," they revealed.
The insider maintained that the music was at the early stages and would need to be worked on by a producer.
They also stressed that any decision to release a new album would have to be jointly agreed by Winehouse's parents, her management and her label.
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Watch the music video for Amy Winehouse's hit 'Rehab' below: