Nothing is confirmed yet, but Psych Explorations of the Future Heart [via Stereogum] reports that this cover album might be in a similar vein to last year's collaborative King Crimson remake. Judging by various tweets from those involved (which are compiled here), it looks as if the album will feature contributions from Stardeath and New Fumes (who both appeared on the King Crimson cover album), plus HOTT MT, Depth & Current, and Def Rain.
Additionally, Lips frontman Wayne Coyne tweeted, "Doin vocals for She bangs The Drum hopin to get Channy [Leaneagh] of Polica to sing on it too!!!!" He also offered up the studio photo above.
Assuming that this album happens, it's not entirely clear how much of it will be performed by the Flaming Lips, or if they're simply curating it. If it's anything like the aforementioned King Crimson album, the band members will pop up in parts; at the very least, Coyne's tweets confirm that he will contribute some vocals. Watch some video footage from the sessions below.
As for other Lips projects, Psych Explorations of the Future Heart reports that the Flaming Lips are close to unveiling a video for their Bon Iver-featuring "Ashes in the Air." They will also release their Valentine's mix in what's described as "chocolate skulls with pink brain goo." What's more, the band will reissue 1997's Zaireeka on four vinyl LPs.