To mark over five decades as a group, US rock legends Aerosmith have announced a farewell tour.

The band made up of Steven Tyler, Joe Perry, Tom Hamilton, Joey Kramer and Brad Whitford are known for best-selling hits, 'Dream On', 'Walk This Way' and 'I Don't Want To Miss A Thing'.

Titled, ‘Aerosmith says, Peace Out’, the band released the news on Monday with a star-studded video featuring celebrity friends, including Eminem, Dolly Parton and Ringo Starr, reacting to news of their retirement.

A string of North American dates have been announced for the Peace Out tour, beginning in Philadelphia on September 2nd, which will recount a catalogue of rock classics.

The run of shows will include 40 dates, stopping in the band’s native Boston on New Year’s Eve,  wraping up on January 26th in Montreal.

So far no European dates have been announced.

In an official statement released by the band, the group reminded fans, "It’s not goodbye it’s PEACE OUT!"

"Get ready and walk this way, you’re going to get the best show of our lives," it continued.

PEACE OUT! After 50 years, 10 world tours, and playing for over 100 million fans... It's time for one last go!

For more info visit: https://t.co/rsuutHrYmY pic.twitter.com/8HkmrQlIrn

— Aerosmith (@Aerosmith) May 1, 2023

Aerosmith’s co-founder and lead guitarist, Perry said, "I think it’s about time,” the 72-year-old said citing his and his band mates ages, all of whom are over 70 years old, with frontman Tyler the oldest at 75.

"It’s kind of a chance to celebrate the 50 years we’ve been out here. You never know how much longer everybody’s going to be healthy to do this," Perry continued.

"It’s been a while since we’ve actually done a real tour. We did that run in Vegas, which was great.”

"It was fun, but (we’re) kind of anxious to get back on the road,” he added.

Frontman Tyler also said in a statement, "We’re opening up Pandora’s Box one last time to present our fans with the Peace Out tour.”

"Be there or beware as we bring all the toys out of the attic. Get ready."

Drummer Kramer will not take part in the tour the band has stated, with John Douglas continuing to take his place as he continues to focus on his family and health.

Aerosmith are one of the world’s most successful bands, having 150 million records sold around the world since their formation in Boston in 1970.

The band were inducted into the Rock And Roll Hall Of Fame in 2001, have previously performed at the coveted Super Bowl halftime show, and have earned four Grammys during their time together.