The tune will be featured on the album "Greenfields: The Gibb Brothers' Songbook, Vol. 1," due for release on Jan. 8.
Gibb released a "visualizer" last week to accompany the single, which features various shots of trains and train tracks.
The musician also shared a video of himself recording the song with Parton on Twitter on Friday and they clearly enjoyed their time together.
"Happy New Year everyone! So excited to share #words with you all," he wrote. "@DollyParton and I had so much fun singing this song together from my new album #greenfields. The album is available everywhere January 8th. I hope you enjoy it as well."
Parton said on Twitter that she was "honored" to have worked with Gibb on the song.
"Words" was originally released in 1968 and in March peaked at No. 15 on the Billboard Hot 100 Chart. It spent 11 weeks on the chart.
"Greenfields: The Gibb Brothers' Songbook, Vol. 1" will feature some of the Bee Gees' biggest hits reimagined as duets with some of country music's biggest names.
Keith Urban, Miranda Lambert, Little Big Town and more will appear on the record, which will feature songs like "How Deep Is Your Love," "Jive Talkin,'" "To Love Somebody," "How Can You Mend a Broken Heart," according to Apple Music.
"I'm bitten by Nashville, you know?" Gibb told CBS. "Because Nashville is about music, it's about real songs."
The musician is the last surviving Gibb brother, who made the Bee Gees. The group found success across many decades but is best known for its disco hits, notably those featured on the soundtrack for 1977's "Saturday Night Fever," which starred John Travolta.
Robin Gibb died at the age of 62 in 2012 while Maurice Gibb was 53 when he died in 2003. Their younger brother, Andy Gibb, died at 30 in 1988.