Sean Malone said on his website this week:

Speaking with Jim recently, the new OSI CD is currently being written. As it stands, a different rhythm section will be employed this time around (though I don't know if things are set as of this posting). Jim's working with Kevin right now and I think they are shooting for this fall/winter. If that changes I'll be sure to update, but that is the extent of the OSI news that I have.

All the info here.