The British five-piece will go on hiatus following their upcoming UK arena tour, frontman Guy Garvey has said.
"We've got our arena tour this November and December, which will be like a farewell party," he told The Sun.
"We've already done six songs for the next album, then we'll come back to finish it next year.
"As soon as the tour ends I'm off to New York for six months. Where better to write songs for a King Kong musical than the place it's set?"
The big-budget King Kong production will feature music from Garvey, Massive Attack's Robert Del Naja, the Avalanches and Sarah McLachlan.
Garvey has also revealed plans to launch a vinyl-only record label.
Elbow's tour launches at Nottingham's Capital FM Arena on November 26, and closes at London's O2 Arena on December 2.