Ten years since the release of their one and only album, the Avalanches' follow-up to Since I Left You may finally see the light of day. A spokesperson for the notoriously secretive band has revealed that the long-awaited LP will be "finished" once guest vocals by chillwave crooner Ariel Pink have been recorded.

Fans of the Avalanches have been exceedingly patient. Rumours of a second album have been circulating for more than five years, with little news from the Australian group. After reports of a "downbeat" album and then, later, a "hip-hop party" album, Modular Records's owner claimed the Avalanches were due to deliver the "really, really good" new LP "to my little grotty hands" by Christmas 2008. A year and a half later, nothing has emerged.

The delay may be down to clearing samples. For Since I Left You, the Avalanches reportedly had to clear more than 3,500 vinyl clips. Since the new album has been germinating even longer than the first, the amount of licensing may be monumental. "Sorry about the long wait and lack of info," the group's webmaster said last spring. "Things are still moving forward with the album, but unfortunately there's been setbacks during the final stages due to illness (plus sample clearance can take an awful long time with these guys, as you know)." In May 2009, the Avalanches posted an image on their MySpace page – sending fans into a tizzy. The drawing of a rainbow falling into a dustbin had the brief heading, "Clearing samples".

That drawing was the only news until this week's comment about Ariel Pink. Once again, the source is Clint, the Avalanches' web developer. "I hear Ariel Pink is recording some guest vocals for it and once those are done, the album will be finished (!)," he wrote yesterday. Under that MySpace dustbin image, the "samples" comment has disappeared.

Ariel Pink, leader of the LA lo-fi band Haunted Graffiti, is a relatively leftfield choice for the Avalanches, who have previously collaborated with Belle and Sebastian, Franz Ferdinand and Manic Street Preachers. But we won't question their judgment. Since I Left You spent 25 weeks in the UK charts, and is widely regarded as one of the best albums of the 2000s.