Sheryl Crow Rolls the Dice on a Recreation of Willie Nelson's Iconic Tune 'Night Life' (Exclusive)

Crow recorded the song at the Luck Ranch Celebration for Nelson's 89th birthday last year

Sheryl Crow knows life is short, which is why the accomplished singer/songwriter is taking the time right now to pay tribute to her 'dear friend' and fellow music icon Willie Nelson.

"What an honor to have had the opportunity to sing this legendary, beautiful Willie song," Crow, 61, tells PEOPLE about her brand-new rendition of the Nelson-penned song "Night Life." "The song has had quite the history."

Indeed, it has. Originally written by Nelson in 1959, the song sits high on the songwriting throne of the Texas native alongside songs such as "Crazy" and "Funny How Time Slips Away" as songs that established Nelson as an incredible songwriter before he went on to reach worldwide legendary status as an artist.

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"It's a blessing for me to have ["Night Life"] be included on this incredible tribute record," reflects the "Soak Up the Sun" musician, whose sentimental rendition of the song was recorded live during the Luck Ranch Celebration for Nelson's 89th birthday last year and will now be included on the new album One Night in Texas: The Next Waltz's Tribute to The Red Headed Stranger.

"Sheryl Crow is one of the most iconic and easily recognizable voices of the last 30 years," explains album producer Bruce Robison, 56, to PEOPLE about Crow's stunning rendition of "Night Life." "Her performance on this track is a master class in owning the stage even with a bluesy ballad and having thousands of people in the palm of her hand. She is a total pro."

Crow was joined by many a vocal powerhouse at Nelson's birthday celebration last year, including Steve Earle, Margo Price and Ray Wylie Hubbard. And it's these artists whose performances will also make their way to the new 14-track album set for release on April 28, which also happens to be a day before Nelson's 90th birthday.

The album certainly serves as a deserving tribute to the man who continues to flourish personally and professionally. Earlier this year, Nelson came home with two more Grammys to add to his collection – one for best country album for A Beautiful Time and one for best country solo performance for the touching song "Live Forever."

"I have been so fortunate this far, that I just hope for things to continue the way they are," the "On the Road Again" singer recently told PEOPLE. "I think it would be too much to ask for anything more than what I already have experienced."

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But there is more coming Nelson's way. A star-studded concert celebrating Nelson's 90th birthday will take place at the Hollywood Bowl on April 29 and 30, bringing together a long list of megastars such as Chris Stapleton, Kacey Musgraves, and The Chicks eager to pay their own unique tribute to Nelson.

And yes, Crow will be on hand too to perform at the event alongside her musical hero. And if fate has its way, the two will come together again soon, as both Nelson and Crow are currently nominated for the Rock and Roll Hall of Fame. The class of 2023 will be announced in May.

"I'm still a little bit in shock," Crow tells PEOPLE of the nomination, which she received alongside the likes of artists such as George Michael, Missy Elliott and Cyndi Lauper. "It feels like I've been nominated for an Oscar for a 30-year movie. So, it's really cool. I'm really honored."

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