Russell Simmons is finally talking about his "very new" relationship with Shannon Elizabeth.

In a new interview with Bethenny Frankel, the hip-hop mogul confirms the two are dating ... news toofab broke back in January.

And while he had a rocky marriage and divorce with Kimora Lee Simmons, Russell admits that he hasn't ruled out tying the knot again or having more kids with the right person. 

Simmons also describes his current relationship with his ex, who he still considers his "best friend."

Check out his extremely candid comments above.

It's clear they have a very modern family -- we love when couples can keep it cordial after a split!