According to reports amongst others, the BBC, Sky news and the Virgin website that U2 are set to leave Island Records after 27 years.

The BBC claims the Irish band have decided to end their long-standing
relationship with Island and are set to release their third Greatest Hits LP
through Mercury Records on November 20.

No comment has been made from the band or from either record label, but it is thought U2 are keen to continue working with Jason Iley, who switched from Island to Mercury to become their President earlier this year.

He and his team, including A&R manager Richard O'Donovan, jumped ship in May and this is thought to have motivated U2's decision.