Coldplay has won seven Grammy Awards and sold more than 50 million albums worldwide. Reuters

Coldplay's new album will be called "Mylo Xyloto," it was announced on Friday.

"Hello everybody, we have finished our new album. It's called 'Mylo Xyloto' . . . We hope you like it and we hope you are all well," the band wrote on their Web site, along with a photo of the new album's cover art.

For the record, the pronunciation is "My-lo Zy-loto," the band added.

"Mylo Xyloto" will be available in digital, CD and vinyl formats, in addition to a special limited "Pop-Up Album" version.

Coldplay's last studio album, 2008's "Viva la Vida or Death and All His Friends," sold more than 9 million copies worldwide, thanks to hits like "Viva la Vida," "Lost!" and "Violet Hill." The band also released a collaboration of "Lost!" with rapper Jay-Z, which was performed live at the 2009 Grammy Awards

"Every Teardrop Is a Waterfall," the first single from "Mylo Xyloto," currently sits at No. 38 on the Billboard Hot 100 chart (and at No. 6 for the Rock chart). The band has been playing new material from the album at various music festivals.

Coldplay recently headlined the Lollapalooza music festival in Chicago, with fellow heavyweights Eminem, Muse and the Foo Fighters.

In July, lead singer Chris Martin's wife, actress Gwyneth Paltrow, wrote about the upcoming album on Twitter.

"Who do I have to bang to get an advance copy of the new @coldplay album? I mean, really," she joked.

The album's next single, "Paradise," will be released on Sept. 12.

"Mylo Xyloto" comes out in the U.S. on Oct. 24, one day after its international release.