"How is the baby?" Fallon asked Timberlake about his and wife Jessica Biel's second son, Phineas, whom they welcomed last year.
"You mean me? I'm doing great," jokingly replied the singer, before adding, "Nobody's sleeping, but he's so cute."
Fallon then asked if fans can expect new music soon, to which the "Sexy Back" crooner said, "Yeah, we can say that. There's a possibility."
"Let's go with, yes. I've been in and out of the studio, working on stuff," he continued. "Let's just tell them, I played you a few tunes."
"I cannot wait," Fallon said. "They're good songs!"
When asked how he has the "patience" to not release the songs right away, Timberlake touched on his recording process.
"I sat on 'Mirrors' for four, five years. I almost got to the point where I was like, 'What was that song we did?'" he explained. "I think I just take my time, maybe that's my barometer, that if I still love them that much after time goes by, hopefully people will when they hear them after time goes by."
He also noted that he'd love to work with Kendrick Lamar and Travis Scott in the future.
Timberlake also touched on his new movie, Palmer. Available on Apple TV+,the dramafollows the story of Eddie Palmer (Timberlake), a former small town football star who returns home to live with his grandmother, Vivian (June Squibb), after a 12-year stint in prison. Palmer's attempt at a quiet life is quickly interrupted, however, when his new neighbor goes off on a bender, leaving her 7-year-old son, Sam (Ryder Allen), in his care. The actor praised his 8-year-old co-star and even shared that Allen didn't know who he was prior to filming.
"He didn't know much about me…Like I said, I'm 40 now. But he told me his mom did," Timberlake told Fallon. "It was actually great because we developed a great bond and I've become friends with his family."
ET spoke with Allen about working with Timberlake, where he also admitted that he had no idea who the former *NSYNC singer was, but quickly found out. "Yes, [I didn't know]," Allen said, adding that he found out who he was "about two seconds after I didn't know."
As for his parents, "They were huge fans. They were like, 'OMG, dude, you're going to be in a movie with Justin!'" he said of their reaction.