The 'Maggie May' hitmaker previously performed with the musician in the Jeff Beck group from 1967 to 1969, and the pair are looking forward to collaborating again.
Rod said: "I'm listening to a lot of blues music at the moment because Jeff Beck, my old boss, and I are going to make an album together. So we're going to do a blue album, update some blues stuff, because he's a fabulous guitar player, so I'm working on that at the moment.
"It will be tremendous, because we worked together in the 60s, made some landmark albums."
The 66-year-old rocker has recently been announced to play Hard Rock Calling in London's Hyde Park on June 26 and Rod is particularly looking forward to playing to a home crowd - but only if it doesn't rain.
He told Absolute Radio DJ Christian O'Connell: "I just hope it doesn't rain, it always seems, when I do outside concerts, it p**ses down with rain, so I'm really keeping my fingers crossed. It would be so lovely to go and have a beautiful sunset, I'm just praying for it, but it'll be a great show.
"It's always a bit nerve-wracking to play London especially because I'm a Londoner, and also Glasgow and anywhere in Scotland because that's my spiritual home. I'm British and I like to put on the best shows I possibly can."
Tickets for Rod's Hard Rock Calling show are available from www.absoluteradio.co.uk/tickets from Friday (11.03.11) at 9am.
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