Well, here’s some great news: Tom Waits will join the likes of Alice Cooper, Dr. John, Darlene Love, and Neil Diamond next March as a member of next year’s inductees to the Rock and Roll Hall of Fame, the New York Times’ ArtsBeat reports.

The timing couldn’t be more perfect as rumor has it that the legendary troubadour/poet has been working on his next album in the studio lately and this might make for a great promo event for the release, as well. New music from Waits has been a bit scarce this year — aside from his excellent collaboration with the Preservation Hall Jazz Band on a cover of “Tootie Ma Is A Big Fine Thing.” Either way, I can’t wait for his sure-to-be-wonderful acceptance speech.

Congrats, Mr. Waits!

*Update: Waits issued a statement about the announcement: