Rhonda Vincent & the Rage Put Their Electrifying Spin on 'Wagon Wheel': 'It's a Very Unique Arrangement' (Exclusive)

"There seems to be a love/hate relationship with this song," the country star admits. "But then I tell people that I have Alison on it with me and they get it"

The story of Rhonda Vincent and Alison Krauss goes way back.

"We grew up together," recalls Vincent, 62, during an interview with PEOPLE. "She wore my clothes. I had her hairstyle. She basically tried to emulate everything that I did, and she wasn't even singing yet. She kind of learned to sing, I guess, through listening to my family’s band  - The Sally Mountain Show."

So, the chance to not only reunite but harmonize on Vincent’s new single "Wagon Wheel" was a bit of a no-brainer for both the bluegrass legends.

"I think our voices are very much alike," explains Vincent, who just scored two nominations at the 35th annual International Bluegrass Music Awards for vocalist of the year and music video of the year. "She's a perfectionist anyway, so I think she spent two days recording her part. She sings almost through the whole song , so she really took some great care in constructing every line."

It's lines that nearly every music fan should know, as "Wagon Wheel" made famous by a myriad of artists from Bob Dylan to Old Crow Medicine Show to Darius Rucker.

"What's very ironic is I recorded it the track three years ago, and this is the 20th anniversary of the song," explains the multi-award-winning bluegrass artist and Grand Ole Opry member. "Old Crow Medicine Show was just on the Opry celebrating the song. I had no idea."

Related: Bluegrass Legend Rhonda Vincent Reflects on Growing Up with Dailey & Vincent's Darrin Vincent

What Vincent did have an idea about was how she wanted to elevate the sounds of the song, courtesy of her longtime band The Rage.

"[This version of 'Wagon Wheel'] ends up being over seven minutes long," Vincent chuckles of the soul-stirring song premiering exclusively on PEOPLE. "It’s a very unique arrangement of it. We basically arranged it on the fly. It’s almost a live version of the song, as I was on the microphone while we're recording it, guiding each one to take solos as we went through. You can tell that with the energy of the song that everybody was really loving what they were doing."

And a new sound is what Vincent believes this tried-and-true song just might need. "There seems to be a love/hate relationship with this song," admits Vincent with a laugh. "But then I tell people that I have Alison on it with me and they get it."

Soon, Vincent’s sweet version of "Wagon Wheel" will find a forever home on her new album Destinations & Fun Places, set for release Aug. 9.

"There are two originals on the record, and the rest are songs that people are familiar with, so I think that makes it a lot of fun for people," explains Vincent, who collaborates with the likes of artists such as Trisha Yearwood, Dolly Parton and Cody Johnson on the 13-track project that also includes the previously released cover of the Olivia Newton-John hit "Please Mr. Please." "I love that everyone is excited about it."

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