"It's an American classic. You want to do it justice," she tells PEOPLE

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It’s Jennifer Hudson‘s world and we’re all just living in it.

The award-winning actress and skillful singer is taking her talents to Broadway this fall, playing Shug Avery in The Color Purple.

“[Broadway] is something I’ve always dreamed about,” Hudson tells PEOPLE at New York & Company’s Soho Jean Collection reveal on Tuesday. “I am very nervous because it’s a big step. It’s an industry that I’ve always respected.”

She adds: “["The Color Purple"] is an American classic, you know? You want to do it justice. It sits on a certain pedestal, so I want to uphold that.”

The Oscar-winning actress, 33, says she likes “the stretch” in playing Shug. Hudson admits that she was hesitant at first but likes “challenging herself,” so the role ended up being perfect for her.

“She’s very much like me to a certain extent,” she says. “Shug is a sassy woman, just like myself. She’s a performer, just like myself. My character has this sexy fire about her that I have to find.”

Hudson admits her singing career was fast-tracked after appearing on the third season of American Idol. With the reality juggernaut ending this fall, Hudson says she has not been asked to guest perform or return at any point, but would be happy to “see it off.”

Idol is a huge part of me,” she admits. “I would be honored to do something to salute it.”