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Stevie Nicks, Elle King and Kristen Wiig to Honor Tom Petty as 2017 MusiCares Person of the Year

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Tom Petty is free falling right into a very deserving award.

The Tom Petty and The Heartbreakers singer, 66, will be honored as the 2017 MusiCares Person of the Year in celebration of his remarkable creative accomplishments, as well as his meaningful charitable work throughout the years on Friday in Los Angeles.

This year’s star-studded Grammy celebration will feature performances by Gary Clark Jr., Foo Fighters, Don Henley, Kristen Wiig, Elle King, George Strait, Randy Newman, Stevie Nicks, Lucinda Williams and more.

Proceeds from the 27th annual Person of the Year tribute provide essential support for MusiCares Foundation, which offers programs and services — including emergency financial assistance for basic living expenses, medical expenses, psychotherapy and treatment for several illnesses, such as HIV/AIDS, Parkinson’s disease, Alzheimer’s disease, hepatitis C — to members of the music community.

RELATED VIDEO: Stevie Nicks Surprises ‘School of Rock’ Audience With Performance of ‘Rhiannon’

For the first time, fans at home and across the world will feel like they’re on the red carpet with their favorite talent during MusiCares’ immersive Facebook Live experience, where they will be able to donate as they watch live videos on their favorite pages. This will be the first major music event to integrate a donate experience through Facebook Live.

The 59th Annual Grammy Awards will air Feb. 12 at 8 p.m. EST on CBS.