Serj Tankian recently issued a lengthy statement on why System Of A Down hasn't released a new album, which essentially boiled down to everyone not being on the same page. Music from the album that never was has surfaced in guitarist Daron Malakian's band Scars On Broadway, and presumably some is also surfacing on whatever project Tankian is working on.
Tankian revealed he's working on some "rock songs," which The PRP points out might be five songs from the unreleased System Of A Down album, if a June interview links up with the new material.
“I have five rock songs that I wanted I do with SOAD but it doesn’t look like that’s gonna work out, so I am finishing those up to release them as a solo EP or possibly as a soundtrack for my film cause they are interrelated.”
So yeah. If this is more unreleased System Of A Down, I think it's safe to assume that there's never going to be a new album. Dudes have disseminated a lot of the new material in their own projects, unless there's way, way more.
