On the heels of the announcement that Tom Petty [ tickets ] and the Heartbreakers are first-ballot inductees into the Rock and Roll Hall of Fame comes word that the group is in a Los Angeles studio, working on its next Warner Bros. album, with producer George Drakoulis (the Black Crowes, the Jayhawks) at the helm.

The band was originally working with Rick Rubin, but he had to bow out because of his previous commitments to Red Hot Chili Peppers' next album. Petty's forthcoming album, his first set of all-original material since 1999's "Echo," is tentatively scheduled for release in the second quarter of 2002, according to Warner Bros.

Besides the Rock Hall induction, the Florida-born Petty has been nominated for the University of Florida's Distinguished Achievement Award, despite the fact that he did not attend the school and hasn't lived in the state since 1974. According to the school, the award is "given to individuals for exceptional achievements in a chosen profession, for demonstrated leadership, and for other exemplary accomplishments."

The award is contingent upon its recipient making an appearance at the university's graduation ceremonies in either May or August. Petty's spokesperson explained that the artist would be accepting the award, but did not know which event he would attend, since it's likely he will be on tour next year.

Petty is once again co-chairing Philadelphia radio station WMGK's annual rock art show, with all proceeds from sales going to the Elizabeth Glaser Pediatric AIDS Foundation. For the past two years, Petty has submitted some of his original pen and ink drawings. Also up for auction are works from co-chair Stevie Nicks, Grace Slick, Ron Wood and Jerry Garcia, a signed Lionel Train by Neil Young and autographed lyrics from R.E.M and Alanis Morissette. The items are being auctioned at the WMGK website.