The music icon revealed the news ahead of Sunday's headline performance.
Watch Prince play an incredible solo on 'While My Guitar Gently Weeps'.
In 2004, Prince teamed up with other musical heavyweights including Tom Petty, Steve Winwood and Jeff Lynne, to pay tribute to the late George Harrison.
The ex-Beatle was finally being inducted into the Rock N'Roll Hall of Fame and the supergroup paid tribute with a performance of 'While My Guitar Gently Weeps'.
An emotional performance from all the musicians but Prince's powerful solo really captured the magic of that song.
What an incredible musician Prince was, a true artist. He will be sorely missed.