The guitarist is currently on tour with the Born to Run icon after previously working with The Boss on 2012's Wrecking Ball album and on last year's (13) High Hopes.
Morello has released four projects as his folk alter-ego The Nightwatchman, but is now ready to combine his love for both of the musical genres on a new album.
He tells Billboard.com, "The first time I ever sang with an electric guitar in my hands was The Ghost of Tom Joad (with Springsteen) at the Anaheim Pond in 2008. Until then I'd kept my folk singing career and my electric guitar shredding career completely separate. It was on that stage that I realised there might be a way to combine all the things I do as a songwriter and a guitar player, and this record is going to be that."
Morello is planning to head into the studio after Springsteen's tour wraps in March (14) and he is keen to emulate the work of the legendary Jimi Hendrix.
He continues, "I want to make the craziest guitar record that anyone's ever heard. The idea is that this is the Hendrix of now."