Kings of Leon have refuted recent allegations that they were to sign a new contract with Warner Bros., leaving their longterm label Columbia Records as they prepare their fifth studio album, the follow-up to 2008's 'Only By The Night.'

The band have released an official statement which simply reads, "Consider the source. Kings of Leon have always had and continue to have a great relationship with their label."

The rumours, originating with a 'source' were published by online gossip site PerezHilton.com and picked up by a tabloid in the UK, were that the hugely successful rock group were to sign a 'favourable deal' with Warners, paying their own recording costs in order to reap higher profit from their music sales.

The Nashville band's drummer Nathan Followill has also denied the rumours on his Twitter feed, stating Sunday (Jan. 24), "We are not leaving our record label. We are happy where we are now let's get drunk."

This is the second time this month Followill has used his social network account to deny rumours. Earlier he spoke to deny rumours that the band were on the verge of a collaboration with 2007 'X Factor' winner Leona Lewis.

Kings of Leon have also just launched their own record label, called Serpents And Snakes -- and the Features are their first signing.