The spider is to be called Myrmekiaphila neilyoungi, and it was discovered in Jefferson County, Alabama, last year.
62-year-old Neil Young comes from Canada and became world famous in the late 1960s with hits including Heart of Gold and he is also known for his campaigning against war and injustice.
Mr Bond, who works at East Carolina University, explained: "There are rather strict rules about how you name new species. As long as these rules are followed you can give a new species just about any name you please.
"With regards to Neil Young, I really enjoy his music and have had a great appreciation of him as an activist for peace and justice."
