iHeartRadio Music Festival
Jane's Addiction performs at the 2011 iHeartRadio festival at the MGM Grand in Las Vegas.

Jane's Addiction is in the process of working on their fifth album -- a project Perry Farrell believes is possibly the band's "greatest achievement" ever.

"The next album is going to be something that the world has never experienced," he tells Billboard. "I'm building it simultaneously with the live show in mind and it's just going to be out of sight!"

Following the band's latest stretch of tour dates, in support of 2011's "The Great Escape Artist," Farrell found himself with time on his hands and the ability to really dig in and begin to conceptualize new material.

"I've been kind of injured. I had a knee operation when I got off the road but the good news is that it gave me time to sit and write," he says. "I haven't written like this since I was in my 20's. I was kind of forced to write and I'm just having such a great time and it's coming out so well. When you take that much time to write and think about music and the show, good things are going to happen."

Farrell says he's already come up with close to 60 new songs, though he knows they're "not going to be able to use them all."

When the concept of a Jane's double disc was raised, Farrell said that he'd love to go that route but that he doesn't see this generation of music fans having the attention span for such an endeavor. He does, however, plan on making this album a bit more thematic than past Jane's releases.

"I look at it like, if you were going out for an evening, how you'd like to be entertained," he reflects. "An evening's worth of music would be 2½ hours but in that 2½ hours, the music is going to be so different. The sound is going to move around the building so you can conceivably have 2½ hours worth of music and it isn't all pop songs/one hit after the other. You have to fill the evening and at the end of the evening, people are going to spill into the grand ballroom and then it will look more like a rock show from there."

Farrell says he is building the tracks on the new record to coincide with his plans for the live show. "It's going to be theatrical and we're going to take it to another level. I want to really give you a new experience. I want you to feel like you've never seen it or experienced anything like it."

According to Farrell, a new Jane's Addiction album will arrive sometime next year.

Meanwhile, the band recently recorded a cover of the Rolling Stones classic "Symphony for The Devil" which will be featured on next week's (12/4) finale of Sons of Anarchy that Dave Navarro will be appearing on. Farrell says the Jane's version, which will appear on the show's season 5 soundtrack, has "something added to it where it takes on a different life. It's got kind of a minor key loop that's going throughout the whole song so it has a little bit of an electronic feel."