•  Attendees including honoree Stevie Wonder, recording artists Beyonce, John Legend, Lady Gaga, Jason Derulo, Annie Lennox, Gladys Knight, Ariana Grande, The Band Perry members Neil Perry, Kimberly Perry and Reid Perry, actress Maya Rudolph, actor Jamie Fo

Attendees including honoree Stevie Wonder, recording artists Beyonce, John Legend, Lady Gaga, Jason Derulo, Annie Lennox, Gladys Knight, Ariana Grande, The Band Perry members Neil Perry, Kimberly Perry and Reid Perry, actress Maya Rudolph, actor Jamie Fo (Photo : Getty Images/ Kevork Djansezian)

Oscar winner and multi-platinum song artist John Legend is teaming up with Grammy-nominated Ariana Grande in performing Celine Dion and Peabo Bryson's original song "Beauty and the Beast." The song will serve as the title song for the soundtrack of Disney's upcoming live-action adaptation of "Beauty and the Beast."

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The song was originally performed by Dion and Bryson for the Disney classic, featuring Oscar-winning composer Alan Menken's enchanting melody and two-time Oscar winner Howard Ashman's beautiful lyrics. The song received an Academy Award, Golden Globe and Grammy when it was first released in 1991.

The president of Disney's Music & Soundtracks, Mitchell Leib, brought in Grammy winner Ron Fair to produce the new rendition of the classic Disney song, according to Movie Web. Fair's career spans 37 years as a record company leader and accomplished producer, recording engineer and musical director, and also previously worked with Leib, who was also the one who brought in Grande and Legend to the project.

Leib and Fair previously collaborated in the soundtrack for "Pretty Woman." In his interview with Deadline, Leib said, "Ron was the first and only choice to make this particular record. No one is a better vocal producer and he also has a great understanding of the filmmaking dynamic."

Talking about his new collaboration with Legend and Grande, Fair told the publication that stepping into the shoes of a Grammy Award-winning Disney classic is a huge undertaking for him. He said he intends to work with the plutonium singers in bringing back the song with a new school-old school fresh treatment that could showcase both the soulfulness and power of its melody and lyrics.  

The new film's score by Menken will reportedly include new recordings of the original "Beauty and the Beast" soundtrack which he wrote with Ashman, together with three new tracks written by him and Tim Rice. The official music video of the new recording of Legend and Grande will be directed by Dave Meyers.

Starring Emma Watson as Belle and Dan Stevens as Beast, "Beauty and the Beast" is directed by Bill Condon and is set to hit theaters on March 17. Watch Celine Dion and Peabo Bryson perform "Beauty and the Beast" live in 1994 here: