Guitarist Malcolm Young retires from AC/DC due to lingering illness as drummer Phil Rudd waves off breakup rumors for the band.

In a statement on its website, the band confirmed that founding guitarist Malcolm Young will retire from AC/DC and will not take part in the new studio album titled "Rock or Bust," which will be released on December 2, 2014.

"'Rock or Bust' is the first AC/DC album in the band's 41 year history without founding member Malcolm Young on the recordings. Earlier this year AC/DC released a statement explaining that due to illness, Malcolm 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 said.

The studio album, recorded in Spring 2014 at the Warehouse Studio in Vancouver, will feature 11 new tracks from the rock legends. It will be produced by mixer Mike Fraser and producer Brandan O'Brien.

With guitarist Malcolm Young retiring from AC/DC, his nephew Stevie Young, will play rhythm guitar and will be with the band during its world tour in 2015.

According to BBC, the band was forced to release a statement in April this year over the persistent breakup rumors. The statement said that AC/DC "will continue to make music."

The band started in November 1973 by brothers Malcolm and Anguys Young, since then the band survived the death of its lead singer Bon Scott who was replaced by Brian Johnson, who turned out to be a perfect fit.

With Johnson at vocals, the AC/DC released "Back in Black," which became its biggest-selling record to date.

Even before guitarist Malcolm Young retired from AC/DC, drummer Phil Rudd again denied last month on Australia's "Today Show" per MailOnline that the band is breaking up, as he said that "we'll all have to be dead before it stops."