The 65-year-old singer has revealed the band have already recorded a whopping 26 tracks and plan to release them in fours in a series of EPs and then bring them all together to create an album called 'Mega'.
He told the Daily Mirror newspaper: ''We've done 26 tracks. We're mixing them now, I've done the vocals on them. We're getting really excited, we think they're great. We did a lot of songs. We have a situation now where a song comes out and a day later it's dead.
''What we're probably going to do is issue a series of EPs, I'm going to call the album Mega. I'll release four tracks and then a couple of months later another four tracks, and then another four, which allows us to space out the music but also do different things. I've no idea if we'll call each EP something different, but when we collect them and make one album with it then that album will be called Mega.''
The band's original line-up split in 1986 but they reformed with Bob in 2013 and have been touring at festivals ever since. The new album would be their first since 1984's 'The Long Grass'.
Meanwhile, Bob previously revealed he loves performing live for his fans.
He said: ''I'm definitely excited about performing at the festival, because after 40 years it's the only thing I really love doing, I love playing with the band. What's there not to like? Festivals are part of the year, part of the season, part of British culture ... I think we're doing in excess of 20 festivals this summer in Europe and the UK.''