He said, "I don't see any reason to make a new record. Going through the whole experience with a record label, and then going out and doing 150 interviews, a big tour and waking up at 4:00 a.m. to go on Howard Stern all to sell 35,000 CDs�It starts to feel like, 'Hmmmm. Is this pay for play?'"

Hagar was asked to clarify his comments on the red carpet prior to hosting the 2014 Classic Rock Roll Of Honour awards show in Hollywood on Tuesday.

"I would [make another Chickenfoot album], but it's just too much work right now," Hagar tells Vintage Rock. "I mean, I love Chickenfoot - it's my favorite band, but I just don't see us getting together and making a record right now. Everybody's got so much to do. Joe is in freakin' Australia right now."

Hagar recently released his first acoustic album, "Lite Roast", and was asked if he will continue to record solo albums moving forward. "Yeah, but I make kind of fun, easy things," he explains. "Chickenfoot records are difficult, 'cause we've gotta get together, we write, and we work, and we write, and we work, and it's really, really tough."