According to recent evidence from camp Tool, the band's new album is "progressing rather nicely". This is despite their recent legal woes among other events.
Here's a recent statement:
“Good friend and King Crimson percussionist PAT MASTELOTTO stopped by the TOOL LOFT the other day to listen to the guys working on new material. Since the recent sound-proofing renovation, I’m told that the writing/arranging sessions have been progressing rather nicely (welcome news for those waiting for a new record.) As for PAT and the new King Crimson configuration (with 3 amazing and inspiring drummers!), the L.A. shows were nothing less than a mind-boggling sonic experience (as prog rock as prog rock can be!)….”
Furthermore, guitarist Adam Jones just posted up the following photographic evidence.
Let's keep our fingers crossed and hope for more!