Rock band Eels will return in late spring with a double-album called Blinking Lights and Other Revelations. Released on Vagrant Records on April 26, this 33-track album is said to feature a collaboration with Tom Waits. Other guest artists are R.E.M.'s Peter Buck and the Lovin' Spoonful's John Sebastian.
UPDATE: The title of the song Eels and Waits will collaborate on is Going Fetal.
(Thanks to various dogs)