The former 'NSync singer took a break from music for several years to pursue his acting career, which has seen him star in movies such as The Social Network, In Time, Friends With Benefits and Trouble with the Curve.
Speculation began when Timberlake tweeted a message teasing an announcement which read: "Thursday, January 10th, 2013 at 9:01 am PST..."
According to Florida's Radio Now 97.9, Timberlake is planning to release a new single today.
[Left: Justin Timberlake in 'The Social Network' / Right: in 'Trouble with the Curve']
Hip-hop insiders have claimed that Jay-Z, Beyoncé and Timbaland could be involved with the track.
Timbaland himself tweeted: "Haha im laughin right now. i told y'all the storm is coming this year. (sic)"
Producer Jim Beanz told Digital Spy last summer that Timberlake was working with Timbaland on new material, saying that the singer had "some crazy, crazy stuff" lined up.
Watch Justin Timberlake's video for 'Cry Me a River' below: