Ricky Martin Teases New Song 'Qué Rico Fuera' Featuring Paloma Mami: It's 'All About Celebration'

Ricky Martin is kicking off the summer with a hot new song!

On Thursday evening, the 49-year-old singer will release the first single from his upcoming album, Play - titled "Qué Rico Fuera (How Sweet It Would Be)."

Featuring international artist Paloma Mami, the track mixes pop, Afro-Latin and urban styles together and is written by Martin and Mami, 21, alongside producers Wissem Larfaoui, Kevyn Mauricio Cruz and Juan Camilo Vargas.

The track, and its accompanying Jessy Terrero-directed music video, will premiere on YouTube and all digital-music outlets at 8 p.m. ET.

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"This song, 'Que Rico Fuera,' the first single from my upcoming album Play, is all about celebration - celebrating life around the world after what we have been through the last year and a half," Martin tells PEOPLE exclusively of the track. "Now we are finally coming out of all of it."

"After the challenging year we all just had, all I wanted to do was make music that that would really make you want to let loose. 'Que Rico Fuera' came at the right time," the Latin singer continues. "It's sensual and full of rhythm."

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"I felt it was the perfect song to collaborate with this incredible artist from Chile who I'd happen to be listening to for a while named Paloma Mami ... and wait until you see this girl!" Martin notes. "She brought that flavor to the track."

"I've been waiting for this moment to come for a long time, and I'm so happy it's here," adds Martin. "It's time to dance and celebrate life."

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Speaking about how the mix of the different musical genres on the song came about in a behind-the-scenes clip from the filming of the song's music video, Mami said she feels as though the track "has a strong tropical vibe."

"Right now, I kind of stepped out of my comfort zone and wrote something way sexier than I usually do," she continued of the single. "And I loved it because I was like, 'In this song, Ricky's singing is so sexy, so I'm gonna do it too.'"

The song, Martin added, is all about coming together and uniting. "Even though we were never in the studio at the same time - she was recording in one country and I was recording in another country - but in the end, it's all about the mix, the union and cultures."

"Lets break barriers and unify countries. That's what I want," the "Livin' La Vida Loca" crooner added.