Titled Nine and a Half Psychedelic Meditations on British Wrestling of the 1970s and early '80s, the album will be released digitally on October 10.
A limited "lavishly and lovingly packaged" physical release via Fantastic Plastic Records will follow in November.
"Luke Haines has made this album so that you don't have to," the label's press release read. "Whilst his '90s contemporaries busy themselves traipsing round the reformation circuit, Luke Haines has recorded a psychedelic concept album about the golden age of British Wrestling."
It continued: "Nine and a Half Psychedelic Meditations... is an affectionate homage to the greats of the grapple ring.
"Mr Haines felt the best way to perpetrate this tribute was through the lysergic lens. So, in short a concept album about wrestling, where each song puts a different, and often beloved, wrestler in a 'psychedelic' 'situation'."
Haines's last release was the unconventional Outsider Music Vols 1-50, which was followed with the live performance of Outsider Music Vol 51.
At that gig, Haines first mentioned plans for his wrestling concept album and previewed the track 'Gorgeous George'.
The song is about 'Gorgeous' George Gillette, the manager of British wrestling icon Kendo Nagasaki, whose real name is Peter Thornley.
The former Auteurs frontman last month collaborated with ex-Fatima Mansions star Cathal Coughlan, author Andrew Mueller and cellist Audrey Riley for the North Sea Scrolls project with two live shows in Edinburgh.
Earlier this year, Haines released the follow-up to his first memoir Bad Vibes, titled Post Everything.
Watch Luke Haines play 'Gorgeous George' at the Hoxton Pony on January 19, 2011 below: