The as-yet-untitled offering should be out in January 2012 and it will be the follow-up to last year's acclaimed double album Measure.
The brothers and co-frontmen Peter and David Brewis have been holed up in their studio in the north-east of England of late and their fourth is weeks away from completion.
Peter Brewis dropped into 6 Music to tell us all about the making of their forthcoming offering.
When asked what music outside of the band they were listening to when writing the new record, Peter revealed he has developed a new interest in music from composers such as Leonard Bernstein, Stephen Sondheim, Leslie Bricusse and Anthony Newley.
"I haven't really been listening to a lot of bandy band music really, Deerhoof in terms of a band," he said. "I went to see the Flaming Lips again recently and I think possibly renewed my love for the Flaming Lips."
Adding: "Coincidentally I've been listening to soundtracks for film musicals. I never really liked musicals but recently I saw West Side Story for the first time and Willy Wonker and the Chocolate Factory, the one with Gene Wilder, and I love the music from that as well."
The band will be road-testing some of the new material live with a gig on 30 November at KOKO in London alongside The Go! Team, Dutch Uncles and Colourmusic to celebrate 13 years of Memphis Industries.
Listen to Peter Brewis in conversation with our reporter Georgie Rogers below: