James Taylor recently told La Stampa that his new album of original music may be released this October. The site is in Italian so translation isn’t exact, but he says that following the current European tour, he will go back to mixing and production, possibly with a release in October.
Of course, following the European tour, James Taylor is embarking on a North American tour, so this date might be overly optimistic. Previously the album was expected in early 2013, which might still end up being the case based on a post made by a member from James Taylor’s camp made on James Taylor Online. James Taylor has tended to give optimistic release dates for new albums with the press during tours in the past, so I would guess we’re still looking at early 2013.
(Thanks to Samuel Legitimus)