Of 'For The Girls', the artist said: "I really wanted to pay homage to all the women singers who have influenced me over the years."
The song is a contemporary take on the traditional Nashville barroom ballad, with powerful lead and harmony vocals, lead guitar and pedal steel.
Running from 3 September to 31 October, it will feature two dozen of the country superstar's wardrobe items, worn on the Opry and at the Ryman Auditorium.
Underwood has co-hosted with Brad Paisley every year since 2008, but will now be joined by McEntire and Parton, as the CMA celebrates legendary female figures of country.
The event takes place at the Ryman Auditorium in Nashville on 17 September.
Urban was named Entertainer of the Year at the Las Vegas event, where Rhett won the Male Artist category and there was double success for Musgraves.
Reba McEntire will be hosting the ceremony which will take place on 7 April at the MGM Grand Garden Arena in Las Vegas.
The single entered the country chart on 23 January 1982 to become the 67th appearance there by one of the genre's true greats.
The writer, who also co-wrote 'Crying,' 'Blue Bayou' and other Orbison hits, joined fellow composers as 2018 inductees on 28 October.
Reba McEntire will receive the inaugural Career Maker Award during the 48th annual Nashville Songwriters Hall of Fame Gala, on Sunday, 28 October.
Chris Stapleton has no fewer than eight nominations for 2018's 53rd ACM (Academy of Country Music) Awards, which take place on 15 April.
Christmas albums by favourite country artists Reba McEntire, Lady Antebellum and Darius Rucker are newly available in the US on vinyl.
Opry City Stage, a new satellite venue of the famous Nashville-based Grand Ole Opry is opening in Times Square, New York City
Keith Urban and Miranda Lambert lead the 2017 Country Music Association Awards nominations and the winners wil be revealed on 8 November 2017
Country superstar George Strait has been named Texas State Musician of 2017, in recognition of his longtime support for the Lone Star State.