Blow Your Pants Off will be a collection of new comedy tracks, along with selected songs played on his Late Night show.
The album cover features Fallon lying on a rug wearing only a suit jacket, shirt and tie.
"I don't even remember taking this photo at all," Fallon told People.
"It's just a guy relaxing at home. He has a nice glass of wine... Started listening to the album and his pants blew off."
He added: "I don't know if this is my butt or a stunt butt. It's like the Mona Lisa of album covers."
The album will include guest appearances from Sir Paul McCartney, Bruce Springsteen, Justin Timberlake and Eddie Vedder.
It will be the follow-up to his 2002 debut The Bathroom Wall, and will be released on June 12.
Fallon recently "slow jammed the news" with US President Barack Obama on his Late Night show.
Late Night with Jimmy Fallon airs at 12.35/11.35c on NBC.
Watch Jimmy Fallon cover Rebecca Black's 'Friday' with Stephen Colbert below: