In some recent tweets, Maynard James Keenan revealed that he is almost done writing lyrics for Tool's upcoming album. On top of this, Adam Jones also mentioned that the band plan to start recording in March.

Started getting music files from the boys w the word FINAL in the title a few months ago after 11 years of begging. That in theory means the tracks wont change out from under me while I’m trying to write stories and melodies to them. In theory. Still waiting for the FINAL on 1,
— Maynard J Keenan (@mjkeenan) February 17, 2018

...but way ahead. Words & Melodies 100% DONE on all but 1. Someday we’ll track them. Long way from the finish line, but at least we’re closer. Meanwhile new @aperfectcircle release on 4/20. #whileyouwerewhiningiwasworking #theresyourupdate #eattheelephant #aperfectcircle2018
— Maynard J Keenan (@mjkeenan) February 17, 2018

Maynard James Keenan Says He Is Almost Done Writing Lyrics For Tool's New Album