Update: A statement from the band/Columbia Records has been issued. It reads as follows:

Pink Floyd can confirm that they are releasing a new album "The Endless River" in October 2014. It is an album of mainly ambient and instrumental music based on the 1993/4 Division Bell sessions which feature David Gilmour, Nick Mason and Richard Wright. The album is produced by David Gilmour with Phil Manzanera, Youth and recording engineer Andy Jackson. Work is still in progress, but more details to come at the end of the Summer.

Original Story

British legends Pink Floyd are preparing to release an album of new material, which will be the band's first since 1994's The Division Bell. The news was broken on Twitter by David Gilmour's partner Polly Samson. She stated that the album, entitled The Endless River is "based on 1994 sessions" and is "Rick Wright's swansong."

Singer Durga McBroom-Hudson, who toured with the band throughout the '80s and '90s, added more details on her Facebook page: "The recording did start during The Division Bell sessions (and yes, it was the side project originally titled 'The Big Spliff' that [Pink Floyd drummer] Nick Mason spoke about),' she explained, 'which is why there are Richard Wright tracks on it. But David and Nick have gone in and done a lot more since then. It was originally to be a completely instrumental recording, but I came in last December and sang on a few tracks. David then expanded on my backing vocals and has done a lead on at least one of them."

The Endless River will be released in October.