The frontman is also finishing a solo album while working with James Iha and Jimmy Chamberlin.
The existence of the photo was first mentioned by Corgan’s friend and former bandmate, Linda Strawberry, hours before Mancow posted the photo.
Expect some big news to drop on Thursday morning.
Billy Corgan, James Iha, Jimmy Chamberlin, and Jeff Schroeder appear together in leaked images.
Corgan recently worked with the legendary producer on his latest solo album.
“I know this is a huge disappointment for me, as well, but it’s not going to happen [with me].”