The seminal group are said to be back in the studio - Oh, we can but dream...

Three members of My Bloody Valentine are rumoured to be back in the studio after years of silence and are said to be recording material which may be included on a forthcoming box set.

Guitarist Kevin Shields, drummer Colm O’Ciosiog and singer/guitarist Bilinda Butcher are said to be revisiting music originally intended for inclusion on the 1990 ‘Glider’ EP.

It is unclear on which label the box set would be released, as Creation Records – who issued the band’s two albums, 1988’s ‘Isn’t Anything’ and 1991’s ‘Loveless’ – have been defunct for three years. The deal with Island never produced any albums, as the band split in the mid-90s after years in the studio trying to write their next record.

Alan McGee, former Creation boss, would not comment on the reports, but said: “Kevin Shields is the most fascinating musician I have ever met or worked with. Truly if he reformed the band I wouldn’t even blink twice. (He is) probably the most talented musician in the world and (My Bloody Valentine are) this generation’s Velvet Underground in waiting.”

According to Billboard, he added: “People will be playing ‘Loveless’ in 25 years. I said that in 1991 when I released it and I stand by that comment.”

As reported on NME.COM, Shields will release his first new music in more than a decade on the soundtrack to the forthcoming Sofia Coppola film ‘Lost In Translation’.

Shields is contributing four songs, ‘City Girl’, ‘Golf Course’, ‘Are You Awake?’ and ‘Ikebana’, alongside My Bloody Valentine‘s previously released ‘Sometimes’.

The film, starring Bill Murray, will be released later in the year, and examines close friendships against the backdrop of Tokyo.