I'll try again :-)
If you go to the shops and buy a pre-recorded CD, it contains digital audio. Because the digital audio is uncompressed, there is a direct correlation between the length of the song (regardless of content) and the amount of storage required. This is why when you buy a blank CD you will see it labelled with both a size (e.g. 700MB) and a time (80 Min). The original CDs were 650 MB or 72 Min.
You didn't make it clear in your original question whether you were intending to convert you LPs to digital audio, as described above, or MP3. You've now said that you also want to put the music on your MP3 player, so I guess that answers the question.
MP3 (and similar formats) use compression so that the storage required for a typical song is much less. However, all other things being equal, the amount of compression depends on the musical content, so there is no direct relationship between the length of the song and the amount of storage it will require. To make things worse, all other things are not equal: you can choose the type of compression, the amount of compression, etc.
The simplest form of compression uses a fixed bitrate, but more sophisticated forms vary the bitrate according to the musical content. Consequently, the only way to find out the size when compressed is to actually compress the song and then see how big it is!