The 'Dream On' rockers are being recognised for their philanthropic efforts over the past five decades through the support they've given to various charities, including frontman Steven Tyler's Janie's Fund - which aims to ''bring hope and healing to girls who have suffered the trauma of abuse and neglect''.
Other performers on the stacked bill for the special gig on January 24, 2020, at Los Angeles' Convention Center, include John Mayer, Jonas Brothers, H.E.R. and Gary Clark Jr.
Proceeds from the star-studded show, which will see the biggest names in music perform renditions of the US rock band's greatest hits, will go towards the MusiCares charity, which was founded by the Recording Academy and aims to ''provide members of the music community access to addiction recovery resources and programs.''
The MusiCares Foundation was established in 1989 and incorporated in 1993 by the National Academy of Recording Arts and Sciences, and has given millions of dollars towards support in financial, medical and personal emergencies to people in times of need.
The charity focuses on the music industry, with Dolly Parton being named MusiCares Person of the Year at the 2019 Grammy Awards.
Aretha Franklin - who passed away in February - Sir Paul McCartney, Bruce Springsteen, Bob Dylan, Stevie Wonder, Billy Joel and Paul Simon have previously been bestowed with the honour.
Meanwhile, Aerosmith - which is also comprised of Joe Perry, Joey Kramer, Brad Whitford and Tom Hamilton - recently announced a European tour for next year.
The run will kick off in Milan, Italy at the iDays Festival on June 13, before hitting up Switzerland, Belgium, Czech Republic, France, Spain, Portugal, Austria, Poland, the UK, Hungary and Denmark, with the final date set for July 27 in Mönchengladbach, Germany.
It will also include a stop at The O2 arena in London on July 15, and Manchester Arena on July 18.
The tour will follow their 'Deuces Are Wild' Las Vegas residency, which is set to continue at Sin City's Park Theatre until June 2020.
The 'I Don't Want to Miss a Thing' rockers last played this side of the pond in 2017, when they headlined Download festival, in what was then-assumed to be their last-ever UK show.
Meanwhile, the iconic band's guitarist Joe previously said he'd like to record a new album with Aerosmith ''when the time is right''.
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