The rock legend has recently began releasing new material, including the song 'Screwdriver', inviting speculation that the singer may be preparing for an extensive tour later in the year.
NME reports that in a recent interview with Billboard, the singer hit out at Maroon 5's cover of his song 'Kiss', which was included on their latest album Overexposed.
Referring to the covers he performs on stage for his live shows, the 54-year-old said: "I do pay performance royalties on others' songs I perform live, but I'm not recording these songs and putting them up for sale.
"Why do we need to hear another cover of a song someone else did? Art is about building a new foundation, not just laying something on top of what's already there."
He also claimed that his decision to end his 20-year relationship with Warner Bros Records in 1996 was partly down to Madonna, saying: "She was getting paid, but at the same time we were selling more records and selling out concerts on multiple nights."
Prince is set to be honoured with the 'Billboard Icon Award' at the upcoming 2013 Billboard Music Awards on May 19.
Watch Prince peform 'Purple Rain' below: