The group, who finished their world tour in September, have allegedly secured Brian Eno as the producer for the new record.
According to The Sun, frontman Chris Martin is concerned that the band have become inaccessible to their loyal fans and is eager to produce a stripped-back and acoustic record.
"The band are keen to make hay while the sun shines," a source said.
"They have hit a rich vein with their songwriting and feel more creative than ever. Chris had wanted to record a new album while they were on the road but it was just too much.
"They have this work ethic while the going is good to just keep working as hard as possible."
Coldplay reportedly plan to preview their new material to close friends in the coming months and release the new album next year.
The group's 2008 album Viva La Vida sold over 9 million copies worldwide and has broken records as the most paid-for download album of all time.