The new single also features Clairo and Phoebe Bridgers on backing vocals.
The festival will also include performances by Kim Gordon, Fiery Furnaces, and Big Thief.
The Independent called the album 'delightful, crisply produced, and well-arranged,' and the NME said it was 'a vibrant, well-earned victory lap.'
The project is the third and final entry to the ‘Man on the Moon’ Trilogy launched over 10 years ago.
The LP marks the third title in the rapper’s ‘Man on the Moon’ series, following 2010’s ‘The Legend of Mr. Rager.’
The star-studded live-stream will also include appearances by Brittany Howard, Adam Lambert, Cher, and Dolly Parton, among others.
The Killers, Mumford & Sons, Twenty One Pilots and more have already been confirmed for the Spanish festival next July.
DaBaby, Justin Bieber, Phoebe Bridgers, Billie Eilish, and Dua Lipa are also among the top contenders.
The classic track was originally featured on Haggard’s holiday album ‘Merle Haggard’s Christmas Present.’
The event kicks off on 'The Face’s' Instagram page at 4pm BST/11am EDT/8am PDT.
The band's new album, 'Notes On A Conditional Form', is now set for release on 22 May.
The 1975 have also committed to planting a tree for every ticket sold.