The news was shared via the band’s official social media accounts, along with artwork for the single.
“‘Higher Power’ is a song that arrived on a little keyboard and a bathroom sink at the start of 2020,” the statement said.
“It was produced by Max Martin who is a true wonder of the universe. It’s out on Friday 7 May. Love c, g, w & j.”
Fans rejoiced over the announcement, with many expressing their delight at a collaboration between the band and Martin.
“WELCOME BACK KINGS WE MISSED YOU,” one fan wrote.
Another tweeted “THIS IS IT”, followed by a comment that read: “I AM SO EXCITED FOR THIS.”
Martin is known for writing and producing hit songs with stars including Britney Spears, Katy Perry, The Weeknd, Katy Perry, Ariana Grande and Taylor Swift.
He previously worked with the band on their Grammy-nominated 2019 album, Everyday Life.
New music was teased by Coldplay earlier this week via the website alienradio.fm.