It would appear as though Public Image Limited's plan to fund a new album through their 2010 North American tour was a success; The Quietus is reporting that the band is currently in the studio working on new material. We'll keep you updated on any other developments.
John Lydon formed Public Image Limited in 1978 following the implosion of the Sex Pistols. The original lineup included one-time The Clash guitarist Keith Levene, bassist Jah Wobble and drummer Jim Walker. The group ran with various lineups and guest stars through 1993, releasing eight full-lengths in that run.