I think it'll come out 2nd quarter 2015. Right now he's touring heavily from now until October doing 20th Anniversary Illmatic shows at Festivals. I think he's doing a few songs here or there right now and forming the base of the album but will probably be recording the bulk of it in the fall/winter
We've heard him and his team sort of say they are aiming for this year though. There's a rumour also he's the surprise album dropping exclusivley on itunes but I think thats just a rumour