Arcade Fire are set to release their third album next May, according to sources in the US. The Canadian outfit are currently in the studio with Markus Dravs, who produced their already classic Neon Bible album from 2007.

Billboard has reported that Win Butler and co will be releasing a new single earlier in the new year, with the LP dropping a few months later. They’ll also be taking their legendary live show on the road so fingers crossed they’ll pencil in some Irish dates.

UPDATE: According to a spokesman for the band, there are “no scheduled release date” for the album and no live shows are booked. They said the album would be “out at some point in 2010, more likely to be the second half”.

Meanwhile, here’s the band performing with their self-proclaimed biggest fan: