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Neil Young Working On New Album

With his new "A Letter Home" album out -- featuring songs by Bob Dylan, Willie Nelson, Bruce Springsteen and others -- Neil Young is beginning to focus on a new album of original matter.

Young doesn't have a timeframe or direction yet, but he tells us that the project is definitely in motion:

Neil Young on progress of a new album by GMI Rock News

"Well, I'm writing right now and, y'know, I'm having a really good time in my life and I feel that, that's all I really need. So as long as all those things are lined up, I feel very optimistic about the future. As far as the sales of records go and the commerciality and the success, I have no idea about that. As far as am I, as an artist, going to be feeling good about what I do an feel like I'm really on what I'm doing, I got, like a 90 percent chance of that happening."

Young adds that recording others' songs for "A Letter Home" -- which came out on vinyl for Record Store Day and will be issued in a box set on May 27 -- will likely make a mark on whatever comes next:

Neil Young on being influenced by recording other artists songs by GMI Rock News

“Oh yes, you can't learn the masters' songs without having a little of it rub off on you...[2.00ish] I collected this group of songs and I learned them, on my bus. I'd be traveling around and I checked out the songs and learned how to play them and learned how to practice singing them so when I went into the booth I'd be ready."

Young -- who replicated the "A Letter Home" recording process on Monday's (May 12) episode of "The Tonight Show with Jimmy Fallon" (check out the video below)-- has plenty of other projects on his plate, too, these days. He's finishing his second book, "Special Deluxe," a follow-up to his 2012 memoir "Waging Heavy Peace," that should be out this fall, and he'll kick off a European tour with Crazy Horse on July 7 in Reykjavik, Iceland,