Last week, it was reported that the Oxford band were making good progress on the follow-up to 2007's In Rainbows.
However, Selway told Canadian Press that the future of the LP was "up in the air".
He said: "We've been working on material on and off for a year now.
"So yes, we're basically taking stock on Monday and seeing what we need to do with the material to move it to those final stages. We're just returning to it with fresh ears and taking stock of where we are and how close we are to finishing stuff, really, and we won't know till Monday."
He added: "We might get back together on Monday and after discussing stuff we might just throw this all out and say maybe we need to go back to the drawing board. Who knows? It's all up in the air at the moment."
Selway is currently promoting his first solo album Familial.