A farewell tour dubbed "Peace Out" will begin Sept. 2 in Philadelphia for the Rock & Roll Hall of Fame band. The band's 40-date tour will end in Montreal on Jan. 26 after a stop in Boston on New Year's Eve.
With every founding band member over 70, Perry believes now is the time to say goodbye. Tyler, 75, is the oldest member of the group.
Aerosmith, which formed in 1970, has won four Grammy awards over the years. With "Walk This Way," the band crossed boundaries between rock and hip-hop.
In a statement to the AP, Tyler said, "We're opening Pandora's Box one last time." Tyler was referring to Aerosmith's 1991 compilation album covering the band's output from the 1970s to the early 1980s.