There has been a lot of news recently online and in print about the announced new release coming in May of 2009 from J. R. R. Tolkien. The book title is The Legend of Sigurd and Gudrún, and it is planned to be released worldwide by HarperCollins, with US distribution by Houghton Mifflin Harcourt. There are multiple British editions planned, with everything from a standard trade hardcover to a leather bound signed limited edition of 500 copies (only available through Tolkien.co.uk).
Here is what Houghton Mifflin has announced so far:
Houghton Mifflin Harcourt has acquired a previously unpublished work by J.R.R. Tolkien, written while Tolkien was Professor of Anglo-Saxon at Oxford during the 1920s and ‘30s, before he wrote The Hobbit and The Lord of the Rings. The publication will make available for the first time J.R.R. Tolkien’s extensive retelling in English narrative verse of the epic Norse tales of Sigúrd the Völsung and The Fall of the Niflungs. THE LEGEND OF SIGURD AND GUDRÚN will include an introduction by J.R.R. Tolkien, drawn from one of his own lectures on Norse literature, with commentary and notes on the poems by Christopher Tolkien. THE LEGEND OF SIGURD AND GUDRÚN will be published in the U.S. and worldwide in English on May 5, 2009. U.S. hard/soft rights were acquired for Houghton Mifflin Harcourt by Ken Carpenter from HarperCollins UK.
Since Pieter over at The Tolkien Library has been covering all of the news so well while I have been busy, please go over there for all the latest details!