The stars have aligned!

More specifically: country legend Dolly Parton and pop superstar Katy Perry are joining forces for an epic duet at this year's Academy of Country Music Awards, and only ET got the details straight from Ms. Dolly herself.

WATCH: Dolly Parton 'Really Happy' About Miley Cyrus and Liam Hemsworth's Reconciliation

The 70-year-old singer will be honored at the ceremony with the Tex Ritter Award for her NBC television movie, Dolly Parton's Coat of Many Colors, and will perform the title track with an assist from Katy.

The performance will air live from the MGM Grand Garden Arena in Las Vegas via CBS on Sunday, April 3, at 8 p.m. ET, with a tape-delayed broadcast on the west coast, and will mark the first-ever collaboration between Dolly and Katy.

"We might even merge that and do a little bit of  'Jolene,' too," Dolly teased, speaking with ET's Nischelle Turner. "We might kinda do some of both songs, 'cause I'm actually going to do a movie of the week on 'Jolene,' as well."

READ: NBC Is Getting Into the Dolly Parton Business 

Plus, it doesn't hurt that it's one of Katy's favorites.

"Katy's wanting to do Jolene, too," Dolly said. "So, I said, 'Well, we'll see what we can do to kinda put the two together."

But to hear Dolly tell it, this could be the beginning of a beautiful new friendship!

WATCH: Dolly Parton Opens Up About Poor Upbringing & Why She Wouldn't Trade It for Anything

"I don't know her, but I know she's a big fan and I've always been so touched and moved by all the different things that she'll say and do," Dolly told ET, "but I'm really looking forward to it. Who knows, this might strike up a whole new thing!"

This is hardly the first time that Katy has covered Dolly on a high-profile stage. In 2014, she teamed up with Kacey Musgraves for CMT's Crossroads, where the pair took on a Dolly classic. See the clip below!

WATCH: Katy Perry and Kacey Musgraves Perform a Dolly Parton Classic