It's been nearly 12 years at this point since System Of A Down has done a new album, but the wait for new material has finally come to an end!
Update July 2017: Looks like a new album is not happening right now.
In an interview with Kerrang! Magazine, by way of Lambgoat, System Of A Down drummer John Dolmayan says the band currently has about 15 new tracks written for a new album. The band has recently been posting a lot of teases on social media of them jamming and, now we can assume practicing new material. This was reinforced by the band booking live dates, but now we know that that isn't the only thing that's been going on.
"I want everyone on board and feeling good about it, that's what we're trying to accomplish right now. There's a tremendous amount of pressure on us, though, because it's been 11 years – at least 12 by the time it comes out. Our playing ability is better than it ever has been and we're trying new things. We're not trying to make 'Toxicity' Part II, just because it was by far our biggest album. This needs to be something for a new generation of SOAD fans, so everyone can see we're not resting on our laurels."
I'd assume we can expect a 2017 release, given Dolmayan's math. It'll be interesting to hear the new material considering how long it's been since the band's last release, and the portrayal of the political climate of the world right now in Serj's lyrics.
Speaking of Serj, the man himself tells LA Weekly that he's not 100% sure that the new stuff will be System Of a Down music. It's worth noting that the LA Weekly article was published on November 8, and the Kerrang article was published on an unknown date (though Lambgoat quoted it on November 9).
"We're going to get together and see if that's going to be System music or not. And who the fuck knows? If it is, great, and if it's not, then great."
So Serj says maybe, Dolmayan says yes. I guess we'll see what happens? Dolmayan's statement seems extremely definitive.
Update July 2017: Looks like a new album is not happening right now.
