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It was reported earlier this week that Tyler recently tried to "rally the guys together", but had no idea where to find guitarist Joe Perry.
BBC News now quotes the 'Walk This Way' singer as saying that Aerosmith are currently taking a hiatus, but will eventually re-group.
"We are just on a break," he said. "We are still rocking big time."
He added: "It's not dead. It couldn't be dead."
The band have scored 11 platinum-selling albums since the release of their debut LP Aerosmith in 1973.
Perry originally left the group after recording of 1979's Night In The Ruts, but returned to the fold in the mid-1980s in time for the band's career revival with the US top 20 album Permanent Vacation.
American Idol returns January 19 on Fox.
