The 'Uptown Girl' hitmaker hasn't recorded a studio album since 1993's 'River of Dreams' and while his friend urged him to create more new tracks, he suggested the 'Rocket Man' singer should actually produce less so he doesn't ''drag down'' his overall standard.
He said: ''There are artists who continue to record because they feel like that's what keeps them relevant. But if the quality of their work deteriorates it drags down the entire catalogue.
''Elton would say to me, 'Why don't you put out more albums?' I would say, 'Why don't you put out less albums?' I didn't want to come out and say, 'You're dragging down your legacy.' ''
But the 69-year-old star won't be following in Elton's footsteps and announcing an end to his live performances because he still regards playing gigs as the ''greatest job in the world''.
Asked if he's considered retirement, he said: ''I have the greatest job in the world. You get up there, you make a lot of noise, girls scream, and you get s**tloads of money. Are you f***ing kidding me?''
But if he does decide to quit performing, the 'Just the Way You Are' singer already knows what he wants to happen in his final shows.
He continued: ''Now, I do have an idea for a farewell tour.
''The stage is a living-room set: couch, TV, coffee table, food. And there's bulletproof glass between me and the audience.
''Then I come out and lay down on the couch. I grab the remote and start watching TV.
''The crowd after a couple minutes goes, 'F**k this', and starts throwing s**t at the glass.
''I'll have created a bond between me and the audience where I know they will never pay another nickel to see me again.''
However, Billy insists it would be ''easy'' for him to walk away if his songs became too difficult to perform because he thinks it would be ''abhorrent'' to ''fake it''.
He admitted: ''I'm already struggling. I wrote most of the songs that I'm doing when I was in my 20s and 30s and it ain't easy to hit those notes in my 60s.
''We've dropped the keys of some songs already. Hopefully it's not that noticeable.
''If I'm having a tough time hitting notes -- I call it throwing junk pitches. Instead of having a fastball you throw off-speed. If I've got to throw too much junk, I'm going to consider stopping.
''It would be abhorrent to me to be up there faking it.''
What's new in the music world this week?
Watch three incredible live performances from Discovr.TV.
Don't miss the K-pop titans' return to Europe.
Listen to Alex Bayly performing 'Animal'.
Two weeks ahead of Independent Venue Week, Dry Cleaning made 'Britain's Best Small Venue 2015' (NME) the second port of call on their 2020 tour.
'Leave Home' was released on this day (January 10th) in 1977.
For their last gig of the year, The Libertines came back to their adopted hometown of Margate to finish off their latest tour.