The Detroit News said the album will be a limited edition, colored double LP. The first LP will be on a black and red vinyl and the second will be on white vinyl, The News reported.
The band's label, Third Man Records, said Friday that the "Elephant" will be available at independent record stores everywhere.
Record Store Day celebrates independent record store retailers, The News said.
The Flaming Lips, Deftones, Cream and Linkin Park have also announced special releases for the day.