During milling operations, wear of cutting tool is inevitable; therefore, tool condition monitoring is essential. One of the difficulties in detecting the state of milling tools is that they are visually inspected, and due to this, the milling process needs to be interrupted. Intelligent monitoring systems based on accelerometers and algorithms have been developed as a part of Industry 4.0 to monitor the tool wear during milling process. In this paper, acoustic emission (AE) and vibration signals captured through sensors are analyzed and the scalograms were constructed from Morlet wavelets. The relative wavelet energy (RWE) criterion was applied to select suitable wavelet functions. Due to the availability of less experimental data to train the LSTM model for the prediction of tool wear, SinGAN was applied to generate additional scalograms and later several image quality parameters were extracted to construct feature vectors. The feature vector is used to train three long short-term memory network (LSTM) models: vanilla, stacked, and bidirectional. To analyze the performance of LSTM models for tool wear prediction, five performance parameters were computed namely R2, adjusted R2, mean absolute error (MAE), root mean square error (RMSE), and mean square error (MSE). The lowest MAE, RMSE, and MSE values were observed as 0.005, 0.016, and 0.0002 and high R2 and Adj. R2 values as 0.997 are observed from the vibration signal. Results suggest that the stacked LSTM model predicts the tool wear better as compared to other LSTM models. The proposed methodology has given very less errors in tool wear predictions and can be extremely useful for the development of an online deep learning tool condition monitoring system.