The US star, 62, has spent nearly two years recovering from vocal cord surgery and recently made a comeback, performing at the MusiCares gala in Los Angeles in February.
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But he said: “If the singing is not great, if I can’t be the guy I was, I’m done.
“And I’m good with that.”
Bon Jovi added: “There is a big difference between being in a studio and going out on the road.
“We have just recorded a new album. I sing in vocal therapy every day.
“But I want to perform for 2½ hours a night, four nights a week — and put it this way, I don’t ever need to be the fat Elvis.”
It was announced last year that the rock legend’s son, Jake Bongiovi, was engaged to Stranger Things star Millie Bobby Brown.
The British actress had got together with Jake in June of 2021.
Bon Jovi said of his future daughter-in-law: “I’ve gotten to know her in the last year, she works really hard, and she and Jake will grow together in their own way.
“It is an accelerated version of what I went through 40 years ago and I think, with the support of family around them, they’re gonna be great together.”