An oft-presumed mythical Beatles track — recorded in 1967  -– may soon be released.

The song, titled "Carnival of Light," is a 14-minute experimental track that was recorded during the Beatles’ psychedelic years and has long been deemed too out-there for mainstream audiences.

In a BBC radio interview, Paul McCartney said "It does exist," and that his bandmates and producer George Martin vetoed its inclusion on the 1990s "Anthology" collection, according to the UK’s the Observer.

Johnlennon But McCartney owns the master tapes. He added "the time has come for it to get its moment," the Observer reports.

"Carnival of Light" has acquired Holy Grail status among Beatles fans.

The improvised song — recorded on Jan. 5, 1967, in between work on "Penny Lane" — features distorted electric guitars, discordant sounds, a church organ and even gargling, along with McCartney and John Lennon shouting things like "Barcelona" and "Are you all right?"

The song, commissioned for the Million Volt Light and Sound Rave, was played only once at the electronic music festival in London. "We were set up in the studio and would just go in every day and record," McCartney told the Guardian about how the Beatles recorded the song.

Keep reading to find out more about the recording session …

]]>"I said to the guys, this is a bit indulgent but would you mind giving me 10 minutes? I’ve been asked to do this thing. All I want you to do is just wander round all of the stuff and bang it, shout, play it. It doesn’t need to make any sense. Hit a drum, wander to the piano, hit a few notes … and then we put a bit of echo on it. It’s very free."

McCartney still needs the consent of Lennon’s widow, Yoko Ono, and George Harrison’s widow, Olivia Harrison, to release the 40-year-old tune.

Sign, girls. Sign NOW! Beatles fans around the world are waiting!

And I need it for my ringtone.

Will you buy the new lost Beatles song?

Photos: At top, Beatles. Bottom, John Lennon. Credits: Paperdreamer;  WireImage.

Posted by:Elizabeth Snead