Take it with a grain of salt though!  I'm not posting this to be regarded as fact.  However it does sound plausible, what with the huge tour at the moment.

From mygnrforum;

"Kind of ironic to see that such a thread exists ...

Recently while I was in LA on business, a little birdie mentioned to me that a self titled, GNR album is set to drop in early summer.
I'm not guaranteeing anything (nor would I ever considering Axl's track record). Just repeating what I was told by someone who could have knowledge of this because of his position. "

"The "birdie" told me that Universal received something like 30 tracks back in April 2008 from the Guns camp. Due to all the leaks, it was a no-brainer which songs would actually make the first album. If this "birdie" is accurate, during the touring down-time, Axl has been working with Universal on a marketing campaign for the new album (I know - hard to believe).

Again, just repeating what I was told. Not trying to sell it as fact. "

And from another guy;

"Only some demos being tried out by the new kids.

Many songs for the next record were finished a long time ago. New guitarists inputs will be added to it, Axl adds a few vocals here and there. The songs the new guys came up with doesn't impress Axl a lot.

And if they don't come up with better stuff, the next album will have Buckethead and Finck featuring almost everything in credits. "