Michael Jackson Moonwalks Back Into The Studio

The once reigning king of pop is looking to reclaim the crown that fell off and has been stomped on repeatedly over the past few years.

Michael Jackson is working on a new album in conjunction with a new label and manager.Jackson has signed an agreement with Two Seas Records, a joint venture between the 47-year-old pop icon and Abdulla Hamad Al-Khalifa, a member of the Bahraini royal family. Jackson has lived in Bahrain since being acquitted of child molestation charges last June.

"I am incredibly excited about my new venture and I am enjoying being back in the studio making music," Jackson expressed in a statement that said the new album is tentatively scheduled for a late 2007 release.

The CEO of the label and the man in charge of handling Jackson's other business interests is British record executive Guy Holmes, who's also the chairman of Gut Records. Gut is responsible for the disturbingly successful U.K. ringtone and pop chart hit version of "Axel F" by the animated Crazy Frog. The label has also released material by Tears For Fears, The Wildhearts, Sparks, Fannypack and Aswad.

The gloved one's last studio album was 2001's Invincible, which was released by Epic Records. The deal with Epic recently expired, enabling Jackson to enter this new venture with Two Seas.