Tyler announced the news earlier this week to Howard Stern
Credit: Zack Whitford Photography/Courtesy of Skittles

Aerosmith frontman Steven Tyler confirmed earlier this week the band 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.

However, Tyler’s manager Rebecca Warfield tells PEOPLE the “farewell tour” doesn’t mean the band is completely over:

“They are not breaking up. That’s not quite what he said,” Warfield said. “He is still the ultimate frontman for Aerosmith, the greatest American rock band of all time. Aerosmith will always be his first love and nothing will ever take that away.

“He is on fire right now,” she continued. “More energized, brilliant, creative and on-point with focused, poignant passion to bring to his fans and to the world. He has a new album coming out on July 15th called We’re All Somebody From Somewhere and the title track was released [Friday].”

Tyler’s rep added, “He’s going on his solo “Out On A Limb” tour kicking off next week at The Venetian in Las Vegas. He’s going to bring that same uncontrollable energy into the Aerosmith South American tour starting in October. He’s very excited for that.

“As far as 2017. Everyone will have to stay tuned as to hear what’s up his sleeve. Steven is taking it up a notch in all his endeavors.”

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However, the singer has hinted at a “farewell tour” of sorts in the past. Tyler told Rolling Stone in May that Aerosmith would likely go out one last time in 2017.

“Look, there’s 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 and tour.