Here's a quote from Wakeman's site:
Wayne has mentioned to me that he received a lot of e-mails to the site displaying their displeasure at the news that the proposed project with Trevor Rabin and Jon Anderson was not going ahead. I must admit I threw my head in my hands when he told me as it is, to the very best of my knowledge and certainly Jon’s as well, total rubbish.
There are some not very nice people out there who like to stir things up, and believe it or not, we know who some of them are. They are the equivalent to people who start computer viruses and I have no time for them. I have always said that if you hear a rumour, log into this site, and if it’s confirmed here, then it’s true. If it isn’t, then treat it as a rumour started by somebody who thinks they know something, but actually don’t!
Just two days ago I received some music from Jon for the Trevor, Jon and Rick project, and it’s tremendous. I’ve also sent some stuff to both the guys as well, so unless there really is something I don’t know, then all is progressing really well.
So there you go peeps, a Yes album in July and an Anderson/Rabin/Wakeman album in the works.