Prince brings Planet Earth to Columbia

Legendary artist returns to label, offers first single "Guitar" for free download; new album out July 24.

As evidenced by his lengthy residencies in London and Los Angeles, Prince is thinking big--Planet Earth big--for his latest album.

The legendary artist is set to release his new album on July 24, and to do so, he is realigning with Columbia Records, the label that put out his 2004 album Musicology.

The move continues Prince's game of musical chairs with labels in recent years, as he's arranged one-album deals with various major labels, including EMI, Arista, and Universal over the years. Universal distributed Prince chart-topping album, 3121, in 2006.

The release of Planet Earth will be preceded by its first single, "Guitar," which is available as a free download here.

Planet Earth marks the return of one-time Prince proteges Wendy & Lisa, and the album is set to include a number of other, as-yet-unnamed collaborators.

"Planet Earth is a fantastic album and promises to be a musical milestone for Prince," Sony Music President Rob Stringer said in a statement. "The Columbia label is thrilled to be working with an iconic artist like Prince in this exciting stage of his amazing career."

The album is slated to hit stores shortly before Prince kicks off his world tour on August 1 with 21-show run at the O2 Arena in London. The first 15 shows sold out in record time, while the remaining six go on sale next week.

Prince is also reportedly planning a seven-week residency at Hollywood's Roosevelt Hotel, where he'll be staying all summer while rehearsing for his tour.