This was recently posted on the official Gerry Rafferty Facebook page:

"Going into the studio today to listen to the demos that were to form the album of new material Gerry Rafferty was working on before he died with a view to a release this year."

They most likely will be releasing other new discoveries judging by another Facebook post:

"Discovered a track that never made it onto Night Owl. It's great!"

All of these discoveries are being made by Gerry's daughter Martha, who in a Radio Scotland interview on Feb. 7th says they are aiming for a release by the summer.