Dolly Parton and Jimmy Fallon Cover Mariah Carey's 'All I Want for Christmas Is You'

"I can't believe this is happening right now," says Jimmy Fallon at the start of the duet, gushing over singing with Dolly Parton

Dolly Parton and Jimmy Fallon have joined forces for a duet of a modern Christmas classic!

On Friday, the country music legend, 74, debuted her first holiday album in 30 years, titled A Holly Dolly Christmas. The new release features time-tested seasonal hits as well as originals, with collaborators like Miley Cyrus, Willie Nelson, Michael Bublé, Billy Ray Cyrus and Jimmy Fallon, who joins Parton for a rendition of Mariah Carey's 1994 song, "All I Want For Christmas Is You."

"Hey, Jimmy. I don't know how to say this without sounding all mushy and romantic," Parton says at the start of the track, as Fallon is heard replying, "I kinda like mushy and romantic."

"You do?" she responds, to which he says, "Yeah, especially this time of year."

"Well, woohoo!" Parton proclaims with a laugh. "Woohoo is right," says Fallon, 46. "I love you, Dolly. Always have, always will." Parton then says, "Aw, that's so sweet," as Fallon adds, "Now, what was it you were gonna say that was so 'mushy and romantic and all'? Also, what am I gonna get you for Christmas?"

"Well, all I want for Christmas is you," says Parton. Fallon agrees, saying, "I was thinking the same thing too."

"I have always wanted to sing a duet with you!" Parton tells Fallon. "So you can go first — uh, right after me."

"I can't believe this is happening right now," says Fallon before Parton begins singing the famous hit from Carey, 50, who just released her new album, The Rarities, on Friday.

dolly parton, jimmy fallon
Jason Kempin/Getty; NBCU Photo Bank/Getty

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In August, Parton explained how the duet with Fallon came to be, telling Billboard that it stemmed from her being unaware of the song during an appearance on his late-night series, The Tonight Show.

"I thought, ‘What other songs are really hot?’ And I thought, ‘All I Want for Christmas Is You.' Jimmy Fallon, a couple of years ago, I was on his show around Christmas and he asked me to sing that and I didn't know it and I felt so bad," Parton explained.

"So I went and learned it and I was just going to put it on my album and then I went, ‘I’ll ask Jimmy Fallon to sing it with me!’ And he said, yes. So I'm really excited about that," she said.

Celebrating the release of the Christmas album, Parton shared a video on Friday exploring the creation of the project, writing on Instagram: ">#AHollyDollyChristmas is here! I’ve never been more excited about a project in my whole career! I hope these songs bring you some joy ❤️🎄"

RELATED VIDEO: Dolly Parton Stars as an Angel in New Netflix Holiday Musical Christmas on the Square

In an August statement announcing the album, the country star said the new music is "some of the best work that I've ever done."

"I figured since everybody probably wouldn’t get to celebrate Christmas as usual this year, I wanted to be creative instead of sitting around at the house this summer," said Parton at the time. "So I put on my mask, gloves and practiced social distancing, as well as all of the wonderful musicians and singers, and we proceeded to put together what I think is some of the best work that I’ve ever done."

"I’m just hoping that you’re gonna love it as much as we loved putting it together," she added. "So enjoy and MERRY CHRISTMAS!"

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