Neil Young and Crazy Horse will release the first single from their new album later this month.

The 73-year-old singer and his band will drop a new album, 'COLORADO' - their first joint effort since 2012's 'Psychedelic Pill' - in October, and he has now announced their new single 'Rainbow of Colors' will be out in the coming days.

In a post on his official website, he wrote: "We are excited here at NYA!

The first track from COLORADO, our next Crazy Horse album, is coming out this month. Billy, Ralphie, Nils and I are all very happy to bring this song ‘Rainbow of Colors’ to you in all its ragged glory, as my original producer and life-long friend, the late David Briggs once said. (sic)"

Neil revealed the new album will feature 10 new songs which range from "around three minutes to over 13 minutes", and he has also made a documentary about the making of the record.

He added: "10 new songs ranging from around 3 minutes to over 13 minutes, will be coming your way. We hope you love this new album as much as we do.

I have been continuing our work on `Mountaintop Sessions’, the documentary film about the making of COLORADO. It is a wild one folks, no holds barred.

"You will see the whole process just as it went down! Worts and all! I don’t think a film about this subject with the openness and intensity we have captured has ever been seen.

"You can be the judge of that, because Shakey Pictures’ `Mountaintop Sessions’ masterfully shot by cinematographer C.K. Vollick, will be released in over mo theaters world-wide the week our album COLORADO debuts, in October.

"Made for you in double Vinyl, (three sides plus a 7″ exclusive two-sided single not on the album) will be released, along with CD and streaming versions of COLORADO. (sic)"

The news comes just a month after Neil duetted with Bob Dylan for the first time in 25 years at Ireland's Nowlan Park in Kilkenny.

The music legends teamed up for their own interpretation of the traditional hymn 'Will The Circle Be Unbroken', which dates back to 1935.

The pair last performed together at New York's Roseland Ballroom in 1994.