Collins has previously mentioned in the press that he suffers from nerve damage in his hands and hearing loss. He is currently in treatment to regain full use of his hands after years of drumming.
"I don't think anyone's going to miss me... I look at the MTV Music Awards and I think, 'I can't be in the same business as this,'" Collins said in an interview.
He previously told Billboard.com that if he did write new material, he didn't envision releasing it on a new album. His focus is now on his two young sons.
Collins began his career as a drummer for the rock group Genesis, before embarking on a solo career. He is a seven-time Grammy Award winner and took an Oscar for "You'll Be In My Heart" for the Disney animated film "Tarzan." Collins later expanded on his work for that film, authoring an entire score for the short-lived Broadway musical Tarzan in 2006.