The BBC said the CD, for which all five members of the group have written songs, is due out in November.
"Getting the five of us to be in a room together, although always a dream, never actually seemed like becoming a reality," the British broadcaster quoted Take That member Mark Owen as saying. "Now the reality of the five of us making a record together feels like a dream. It's been an absolute delight spending time with Rob again. But I'm still a better footballer."
Williams left the band in 1995 to pursue a solo career. Take That officially broke up in 1996 but the remaining four members got back together in 2005.
Williams said in a statement on his Web site the new Take That album was "not only a celebration of my past but also a bridge to the future."
"The fact that part of the future includes a name from my past makes it all the more poignant for me," he added.