The star has refrained from recording a full-length album since 2006's chart-topper FutureSexLoveSounds, choosing instead to focus on acting roles in films such as The Social Network and Trouble with the Curve.
Timberlake has now told The AP that he wants his third studio album to feel like "a really big deal" so he is waiting to record until the timing is right.
"For me, personally, when I do sit down and decide to do it, it's just a special thing," the 'Rock Your Body' singer explained.
He also admitted that he doesn't feel as if he can keep up with pop music trends by continuously releasing new albums.
"I don't know that I can pump them out every year," Timberlake admitted.
Earlier this month, Drake revealed that he "would love to do a collaboration with Justin Timberlake" on his next album.
Timberlake is currently starring with Amy Adams in director Clint Eastwood's baseball drama Trouble with the Curve, now playing in the US and on November 30 in the UK.
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Watch Justin Timberlake's 'Rock Your Body' music video below: