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

Today's Associated Press wire includes an interview with Billy Corgan that seems to directly contradict yesterday's announcement that he intends to "revive" his former band, The Smashing Pumpkins:

AP: Do you ever wish the Smashing Pumpkins could reunite? Corgan: You can't recreate what was. AP: A lot of bands try, though. Corgan: That's because they try and go back to what was. I showed it already. I didn't think the Smashing Pumpkins could stay where they were for two years. So I have no desire to go back to a sentimental position to the band. If I ever did go back to the band, it wouldn't be the same thing, it wouldn't be for those reasons. It wouldn't be a reunion to cash in. I have no interest in that. My goals are always artistic, and they were even in the context of the Smashing Pumpkins. If you ever see Smashing Pumpkins on the marquee, it won't be what you think it would be. The Pumpkins was a progressive art concept, it wasn't a normal band. It was meant to sort of disrupt, cause problems, and it did. And we were successful in doing that. But we would never go back ... and on top of that, some of the relationships are totally destroyed. It would take some serious divine intervention to see.

Sooooo... Is he starting the band up again or not? Today's Associated Press interview sounds a lot like what Corgan had to say over a month ago in Entertainment Weekly. This makes me suspect that the AP interview was actually conducted a while ago, but was held for publication in order to coincide with the release of Corgan's solo album this week. Assuming this is the case, yesterday's announcement is probably a more up to date reflection of Corgan's intentions. But one has to wonder why, given yesterday's announcement, the AP would still opt to run the interview today. At the very least, you'd think they'd have added one or two sentences to the piece that acknowledge more recent events. [Yahoo! News] Billy Corgan Comes Clean on Past, Present