Hot on the heels of June's 'Viva La Vida or Death and All His Friends', the band have reportedly already recorded the majority of its follow-up and plan to have it ready early next year.

A source at the band's record label, EMI, told Britain's The Sun newspaper: "The 'Viva La Vida' sessions were incredibly fruitful. They gelled brilliantly with producer Brian Eno 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." Lead singer Chris Martin recently let slip the group are hoping to release a collaboration with pop singer Kylie Minogue next year.

He said: "It will be on a record we will put out in 2009, some time next year. The album will neatly wrap up things for the end of the decade, then, I don't know what we'll do."

If Coldplay release another album and follow it with a greatest hits compilation it is believed they will have fulfilled their contractual obligations to EMI and would be free agents.

The band could then follow in the footsteps of artists such as Sir Paul McCartney and Radiohead - who have left the label after its takeover last year.

The EMI source added to Britain's The Sun newspaper: "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."