While speaking to Entertainment Tonight on Tuesday, the 37-year-old country star revealed that she has no problem if Underwood, also 37, wins the entertainer of the year award at the annual awards ceremony. The two country music singers are the first two female solo artists to be nominated for the top prize since 1979, according to the outlet.
Noting that it's "pretty incredible and it's also very humbling" to be up against her fellow country crooner, Lambert called Underwood "a force" and said of the "Cry Pretty" singer and the coveted award, "I've always been a huge supporter and believer, and was very vocal last year about how I thought she should take it home."
She added: "So if she does this year, I'll be the first one out of my seat."
Chris Polk/ACMA2017/Getty Miranda Lambert and Carrie Underwood
The 54th annual CMA Awards are scheduled to air live on Wednesday and will see some of the country music scene's biggest names taking the stage at Nashville's Music City Center.
During the night's festivities, Lambert is scheduled to perform a stripped-down version of her latest single, "Settling Down." The Grammy award-winning singer previously released the video for the song last month alongside her husband Brendan McLoughlin.
"This video and this song is very personal to me and I felt like it's the perfect time to shoot something at my farm, especially during these times," Lambert previously told PEOPLE in a behind-the-scenes look at the making of the music video.
Tammie Arroyo / AFF-USA.com / MEGA Miranda Lambert
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At the ceremony, Lambert is also up for a historic seven nominations, which she described as "pretty crazy."
"It means my life's work. It's literally what I've chosen to do with my whole life, and having that validation that your peers believe in what you're doing and the people in the industry believe in what you're doing and vote for you all these times and all these years, it means the world to me," she told ET.
Lambert is also hopeful that she will win a CMA award for her birthday, which she previously celebrated on Tuesday.
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Alongside Lambert, other star-studded performances during the country awards show will come from artists like Lady A, Gabby Barrett featuring Charlie Puth, Maren Morris, Rascal Flatts and Eric Church. Luke Combs, Ashley McBryde and Kelsea Ballerini will also perform alongside many others.
According to a press release, "The 54th Annual CMA Awards will mark the first time the biggest names in Country Music will come together — safely, all in one room — this year."
"In celebratory fashion, this year's show will honor the very best in the genre and deliver an unparalleled evening of entertainment and surprises," the release continues.
"We are thrilled to have this incredible group of artists taking the stage at the CMA Awards this year! It is a privilege to bring these live performances to our viewing audience with the energy and excitement that the CMA Awards are known for," CMA Chief Executive Officer Sarah Trahern says in the release. "And although the show will feel a bit more intimate this year, we look forward to hosting our nominated artists and their guests as we celebrate the best of country music in a fully safe and physically distant environment."