Original Sabbath members Tony Iommi, Geezer Butler and Bill Ward reunited with vocalist Ronnie James Dio, who replaced Osbourne in 1979, under the name Heaven and Hell, which is expected to tour in early 2007, Billboard.com said.
But Osbourne also told Billboard.com that he and Black Sabbath band mates Iommi, Butler and Ward would tour in 2007 and record their first studio album since 1978.
Osbourne's publicist in a statement said Iommi and Dio were working on a project that "has nothing to do with Black Sabbath. There is only one Black Sabbath," Billboard.com said.
Osbourne previously said he had no interest in making a new Black Sabbath album.