Coldplay are planning to release a fifth album in 2009, just a year after their last chart-topping offering, Viva La Vida.
The band, fronted by actress Gwyneth Paltrow's husband Chris Martin, have been exceptionally productive after collaborating with musician Brian Eno.
It is believed they have already chosen many of the songs for the new album, which were recorded during the making of Viva La Vida, and with the help of Eno.
A source at their record label, EMI, said: "The Viva La Vida sessions were incredibly fruitful. They gelled brilliantly with Brian and recorded much more music than they could fit on one album.
"The majority of the follow-up is already in the can, though they will have to go back into the studio at some point to add a few more songs."
If Coldplay go on to produce a greatest hits collection next, they will have fulfilled all commitments to EMI. This will pave the way for them to part company with the label, following in the footsteps of Radiohead and Paul McCartney.
The EMI source said: "Standard industry contracts tend to be for six albums, so if they provide some kind of compilation after their next album they will be free agents and able to renegotiate their contract or head out on their own."
EMI was taken over by a finance firm last year and many of the artists signed to it at the time opposed the deal. But Coldplay have kept quiet about their future, although Martin has hinted he would like to get out his new material as soon as possible.
When discussing a collaboration with Kylie Minogue, which didn't make the final cut for Viva La Vida, he said: "It will be on a record we will put out in 2009."
In order to record Viva La Vida, which was released in June, the group constructed their own studio in a disused bakery in North London.
The gap between their previous album, X&Y, and its follow-up was three years.
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