Three members of seminal U.K. psychedelic rock act My Bloody Valentine are back in the recording studio after years of inactivity, according to reports. Guitarist Kevin Shields, drummer Colm O'Ciosiog and vocalist/guitarist Bilinda Butcher are said to be recording material originally intended for release on the 1989 EP "Glider," with an eye on including the cuts on a forthcoming boxed set.

Attempts to reach representatives for Shields were unsuccessful at deadline. It is unclear which label would release the boxed set; the U.K.'s Creation Records, which issued the band's landmark albums "Isn't Anything" (1988) and "Loveless" (1991), has been defunct for years, and MBV never released any product under a U.S. deal signed with Island in the early '90s.

Former Creation head Alan McGee would not comment on the reports, but tells Billboard.com, "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 [MBV is] this generation's Velvet Underground in waiting. People will be playing 'Loveless' in 25 years. I said that in 1991 when I released it and I stand by that comment."

The reports come on the heels of news that Shields will be contributing four new tracks for Emperor Norton's "Lost in Translation" soundtrack, due Sept. 9.