Legendary Australian rock band AC/DC has confirmed the departure of its founding rhythm guitarist Malcolm Young, NME reports.

The confirmation comes with the band's announcement of the release of their 17th studio album "Rock or Bust." The album will be available starting December 1.

It was reported in April that 61-year-old Young - who co-founded the band with his younger brother, lead guitarist Angus Young - would be taking a break from the music scene due to poor health.

Following the announcement, talks of the band disbanding began to circulate. The band refuted this with a statement published on AC/DC's Facebook account on April 16.

The band has issued a new statement to announce the long-time guitarist's retirement, according to Rolling Stone.

'Earlier this year, AC/DC released a statement explaining that due to illness, Malcom would be taking a break from the band. Unfortunately, due to the nature of Malcolm's condition, he will not be returning to the band," the statement says.

The new album, released on Columbia Records, will be the first one not to feature Young since the band's formation in 1973. His nephew Stevie has taken over his role in AC/DC since he stepped down. Stevie plays rhythm guitar on "Rock or Bust."

The album has 11 songs and is the band's first release since 2008's "Black Ice," which immediately went to the number one spot in album charts in 31 countries. "Black Ice" sold 8 million copies worldwide.

"Rock or Bust" was recorded last spring at Warehouse Studio in Vancouver. It was produced by Brendan O' Brien and mixed by Mike Fraser.

Brian Johnson, the band's frontman, initially wanted to call the album "Man Down," in reference to the situation of their band following Young's departure.

"But it's a bit negative and it was probably just straight from the heart. I like that," he said.

The track "Play Ball" will be previewed in the Major League Baseball postseason coverage from September 27, according to The Guardian.