UPDATE (July 2): Lynn Hoskins from Showdown, The Official ELO Mailing List has an official response to these reports and revealed it to the Beatles News Briefs at the Examiner.com...
"At some point, someday, Jeff may get involved. As of now, there is no schedule and there are no plans."
If reports are true, including this one from the NYC-based The Improper, there will some new George Harrison material with Jeff Lynne and Dhani Harrison at the helm again. Contactmusic.com is going a step further saying that Jeff Lynne has basically agreed to do it.
Olivia Harrison has been doing the rounds on behalf of Let It Roll: Songs by George Harrison and has been mentioning that George has a lot of unfinished material, some songs more completed than others.
That would be great news, but you know what? I have a bone to pick with the Harrison camp/record company. On top of the anger so many Harrison fans feel about Let It Roll, whether founded or not, the buyers of the physical CD now to contend with the fact they have to buy Let It Roll again to get it's digital only bonus track. I wish they would learn how to market in the digital age better.