Kenny Rogers and Dolly Parton are nominated for their fifth CMA Award together as a duo. The pair are in the running for Musical Event of the Year for their duet, 'You Can't Make Old Friends,' the title track from Rogers' 2013 album.

“Whether we win or not, it was an event for me being back together with my good friend,” Rogers says. “I have great respect for everyone in this category, and there’s no way you can lose being in that group.”

Other nominees in the category include Vince Gill and Paul Franklin with 'Bakersfield,' Tim McGraw and Faith Hill's 'Meanwhile Back at Mama's,' 'Somethin' Bad' from Miranda Lambert and Carrie Underwood and Lambert and Keith Urban on 'We Were Us.'

The song, which also earned the pair a Grammy nomination, had a personal meaning for both Parton and Rogers.

“I can’t think of a more perfect song for the two of us to sing together,” Rogers says. “Out of everyone in the business, Dolly is my best friend, so naturally it has special meaning for the both of us. It was so good to be back in the studio with her. I’m thrilled to have our relationship documented this way.”

Parton adds, “It really is true that ‘You Can't Make Old Friends.’”

The 48th annual CMA Awards will air live from Nashville's Bridgestone Arena on Nov. 5 at 8 PM ET on ABC.