Från Guy Gavriel Kays hemsida:

By Guy Gavriel Kay (Ggk) on Monday, July 20, 2009 - 10:35 am:

I can now, happily, report that the new novel is drafted, as of last week, and has been sent to various editors, agents, and one Meghnagi-Bailey. 

Further details must await publisher-consultation as I have promised to let them shape the rollout of information. I don't think I am undermining them, however, if I tell brightweavings that publication is scheduled for spring 2010 in all the English-language markets. 

GGK