According to Angry Ape, the US rockers recently started recording a 44-song new record called Teargarden by Kaleidyscope and intend to release each track for free. The first song is due to be available for download at the end of October.
Frontman Billy Corgan said: "Free will mean free, which means you won't have to sign up for anything, give an email address, or jump through a hoop.
"You will be able to go and take the song or songs as you wish, as many times as you wish."
A physical release of the LP will come in the form of 11 EPs containing four songs each or a deluxe boxset that features all 44 tracks.
The band recently recruited a 19-year-old drummer for their new album.