Great news for New York hip hop, and of course just hip hop in general. SRC Records CEO Steve Rifkind has announced he and Wu-Tang Clan have reunited and will drop a new Wu-Tang album in 2007.

Wu-Tang dropped their first albums on Steve Rifkind’s now defunct label, Loud, which was also home to Big Pun, Tha Alkaholiks, Mobb Deep, Xzibit and others.

“I just got off the phone with Divine and RZA from Wu-Tang, we are coming back, we are joining forces for one album, coming up in 2007,” said Rifkind via a video on his blog, thelabel.blog.com. “I don’t know what the name of the album is but we are back, its official. Wu-Tang and Steve Rifkind are back together.”

The new album will be the first Wu-Tang LP since 2001. With the signing, Wu-Tang have now become labelmates with Remy Ma, Akon, Pharoahe Monch and David Banner. I’m praying there’s no Akon hooks on the new Wu-Tang, but a Pharoahe collab would be dope.