Don't Know if this has been posted already so don't shoot me!!

In a recent interview with The Event Guide, a Dublin magazine, George Clinton had this to say when asked about his experiences with Prince:

"I am still on the ride! I am still enjoying the experience. He is a great man. We have just worked on a new single together; it's called 'The Paradigm' and is out in a few weeks, actually. Yeah, I really enjoy working with him."

According to Dawnation.com this song has been available since 2001 on a promotional cd-r from Clintons 'world funk tour' but has never been officialy released.

I'm presuming He and P got together to spice it up or redo it from scratch and stick it on Clinton's new album "How Late Do U Have 2BB4UR Absent" due for release in september.

(sorry, There's no link to this because it's a free magazine -not online. Perhaps someone else from Dublin can verify this as a valid source)

Isn't Paradigm quite old at this point? Or did they rework/revamp it?

The song was originally titled '(Brother can you) Paradigm', and circulated as described above back in 2001. The George Clinton album on which it appears - was due to be released last year, and is now scheduled for this September.
I've personally not heard that there has been any further work on it. On the original recording, Prince and George's work were recorded separately.
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This will not be the new single. It may end up being a single though.

The first single is a Parliament track that was recorded recently.