Rock Artist Steven Tyler Announces their band will embark on Farewell Tour in 2017

American rock Artist Frontman Steven Tyler confirmed earlier this week their band Aerosmith is planning a farewell tour for 2017, telling Howard Stern on Tuesday, "I love this band, I really do, and I want to squash every thought that anybody might have about this: The band's over."

"We're doing a farewell tour, but it's only because it's time," Tyler, 68, said.

The radio host made Tyler confirm it: Did he mean "farewell" as in the band would be gone for good?

"Yeah," Tyler said, adding that guitarist Joe Perry also knows. (Tyler's manager did not immediately respond to PEOPLE's request for comment.)

And while Tyler said the farewell tour would go on "probably forever," he also joked with Stern about bands like The Who and KISS, which each went on multiple "farewell tours."

In fact, the decision to wrap up seems to be sometime in the making. Tyler told Rolling Stone in May that Aerosmith would likely go out one last time in 2017.

"Look, there're two bands that still have the original members, us and the Stones," he said. "I'm grateful for that."

Aerosmith formed in 1970 and released their last studio album, Music from Another Dimension! in 2012. Meanwhile, Tyler has recently been pursuing a country career, with a solo album set to release in July.