Given the fact that they have already written albums in like 2 to 4 weeks time - remember I said written - I wouldn't doubt James is already tracking for the 3, 4, 5 songs MP may have already done drum tracking! Specially if they're following the method they have once done of writing a song and recording the basic tracks right after.
And let's remember that the time is for writing the music instrumentally. While they may have some vocal melodies in mind, they still haven't come up with the lyrics yet, so that will take more time. In 2001, they used the G3 tour in the summer as time to write lyrics for SDoIT (the album), and the co-headliner with QR was the time period where lyrics for ToT were written.
That said, we have no idea what writing/recording method they're doing for this album, but I'd bet that it's writing and recording simultaneously as it was for SDoIT, 8v, SC and BCaSL.