Watch Nelly Perform 'Over and Over' in Tribute to Tim McGraw at the ACM Honors (Exclusive)

The 16th annual Academy of Country Music Honors returns to FOX on Monday

Nelly is doing a timeless country song justice!

In a clip premiering exclusively with PEOPLE from the Academy of Country Music Honors, Nelly pays tribute to ACM Icon award recipient Tim McGraw.

In the video, the 48-year-old rapper and singer takes the stage to perform McGraw's "Over and Over." Throughout the performance, the video pans to the country singer and wife Faith Hill, who are smiling and singing along.

In addition to McGraw, 56, the event recognized several honorees, including Chris Stapleton, Clint Black, Mary Chapin Carpenter, K.T. Oslin and Kane Brown.

Additional performers and presenters include BRELAND, Brandy Clark, Jordan Davis, Chris Janson, Lady A, Carly Pearce, Emily Shackelton, Keith Urban, The War and Treaty, Anne Wilson, Trisha Yearwood, Bailey Zimmerman and more.

“We are thrilled to be working with FOX for a second year to bring one of our industry’s favorite nights, filled with emotional tributes and unforgettable performances, to primetime television,” Academy of Country Music CEO Damon Whiteside previously said in a press release.

He added, “The exceptional honorees and performers at the Academy of Country Music Honors show will provide an extraordinary night of non-stop entertainment for music fans all across the country and an undeniable highlight for our Country Music community this fall.”

The Academy of Country Music Honors, which was filmed at the iconic Ryman Auditorium on Aug. 23 and hosted by Pearce, will air Monday on FOX at 8 p.m. ET.

The day of the event, McGraw walked the red carpet with Hill and daughters Audrey, 21, and Maggie, 25. He released his latest album Standing Room Only in August and has a tour starting in March.

Meanwhile, Nelly confirmed last week that he had renewed his romantic relationship with Ashanti.

"We cool again," Nelly said to Love and Hip Hop’s Rasheeda and Kirk Frost on her Boss Moves with Rasheeda show. "I think it surprised both of us,” he added. “It wasn't anything that was planned."

The two artists have been linked on and off since 2003 and have kept the details of their relationship under wraps.

"We both were pretty much doing what we do,” he said in the new interview. “But sometimes being separate, you understand one another more. You could be like, 'Well yo, let me exactly see maybe what they see.' We all can be defensive sometimes in our own relationships. We know we wrong but we going to stand on it, you know what I mean? But we all a victim to that." 

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