"His influence, and I have this in common with I think every musician of my generation and the generations to come, his influence is all over everyone's music and there's so much that I feel like I've maybe consciously and unconsciously borrowed from him that it felt... right," the singer told E! News. "It just feels right to dedicate the film to him."
The movie covers the final nights of Timberlake's 20/20 Experience World Tour at Las Vegas' MGM Grand Garden Arena last year.
After premiering at the Toronto International Film Festival in September, the film, which is directed by Oscar winner Jonathan Demme, will debut on Netflix on Wednesday
"The film's been blessed with that name and that spirit," said Demme about the dedication.
Following Prince's death in April, Timberlake shared how the icon's song, "Raspberry Beret," forever changed his life when he was just four.
"They say don't meet your idols... that they let you down. But, some of my greatest, funniest (yes, he was hilarious), and most prolific encounters and conversations about music came from the moments that I spent with him," he wrote in a touching post on Instagram after learning the sad news.
"It would be silly to say that he has inspired our music... It's beyond that. He's somewhere within every song I've ever written," the pop star continued.
While Timberlake is no stranger to the camera, having graced the big screen in Bad Teacher, Popstar and Friends with Benefits, the former *NSYNC star recently told ET how different it was to film a movie without a script.
"I wasn't sure how I was going to feel about it," he said. "There's not a character that I can sort of hide behind."
See more on the documentary in the video below.