It's not looking too good.
Excerpt from buzzbands:
I hear the Red Hot Chili Peppers are writing music for a 10th album, but without John Frusciante. Guitarist Josh Klinghoffer, who toured with the Peppers as a second axeman (and who also has played with Gnarls Barkley, Beck and PJ Harvey), is involved.
Excerpt from buddyhead:
Looks like John Frusciante up and quit on his homeboys. Cuz our buddy Josh Klinghoffer is the new guitar player in Red Hot Chilli Peppers. Drinks are on you dude. Better figure out what sock size your dick is STAT.