The Smashing Pumpkins reunion that Billy Corgan alluded to last June appears to finally be taking shape. But don't expect all four original band members to be present:

In the clearest sign yet that Billy Corgan is reviving seminal alternative rock band Smashing Pumpkins, sources say he and Pumpkins drummer Jimmy Chamberlin are set to begin work on a new studio album.

Original members James Iha (guitar) and D'arcy Wretzky (bass), recent targets of Corgan's venom, are not participating in the reunion at this point. But sources say multi-instrumentalist Billy Mohler will be involved in some fashion. Mohler formerly played bass in pop/rock act The Calling and contributed to Chamberlin's 2005 solo album, "Life Begins Again."

Although no official announcements have been made, a tour is expected for later this year. The band is also rumored to be a potential headliner for August's Lollapalooza festival in Chicago.

Corgan first hinted at the "revival" in a full-page ad in Chicago newspapers last summer. The ad appeared on the same day Corgan's solo debut CD, "The Future Embrace," hit stores. To date, that album has sold only 39,000 copies.

Contacted for comment on the rumors, a Corgan spokesperson said there was nothing to report at this time.

[Yahoo! News] Corgan, Chamberlin revive Smashing Pumpkins