The MTV Video Music Awards are known for their classic astronaut mascot, better known as the Moonman, and this year the award is getting an awesome makeover by none other than Jeremy Scott.

On Monday, the 40-year-old fashion designer, known for his sneakers and Adidas designs, announced that he's the proud designer of this year's Moonman, according to MTV News. The new Moonman is now rainbow instead of its usual silver and he's wearing a giant peace sign necklace.

"From the distinct color of the TV color bars to the peace sign necklace to Jeremy's signature sneakers, the redesign of statue is part of MTV's long-standing history of bridging the gap between the world of fashion and music," the site reads. "Those who win an award will get to take home one of these special Moonmen, designed exclusively for this year's show."

Scott posted the new design to his Instagram writing, in all caps, "So super stoked to be asked to redesign an icon of pop culture that I adore. The MTV VMA Moon Man is the coolest award any artist could ever win and the ultimate to get to reimagine!!!"

He then posted a side view of the award pointing out his signature shoes. "You didn't think I would pass up giving him my iconic wings did ya?!" he wrote.

This year's VMAs will be hosted by none other than Miley Cyrus, who has worked with Scott in the past, according to Entertainment Weekly. The two have collaborated before for New York Fashion Week.

Cyrus couldn't be more excited to be hosting this year's award show She's posted several promo videos and photos to her Instagram, giving us a little sneak peek of what's in store. MTV's newest video features Cyrus and the new Moonman design, and her naturally flipping off the camera. Considering her past on the show with her risky performances, some people are worried she might take things too far, but executive producer Jesse Ignjatovic thinks she'll do just fine.

"Miley knows how far she can push things and where it would cross the line," he told Billboard. "She just likes to have fun, and I think it's going to carry through the whole show. And, of course, she will throw in for some surprises. I'm excited for what she'll say and do as host. Miley Cyrus is the epitome of the VMAs."

See Cyrus and the new Moonman in action when the show airs on Sunday, August 30 at 9 p.m. on MTV. Check out the full list of nominees HERE!

 HERES A SIDE VIEW OF MY MOON MAN REDESIGN FOR THE @MTV #VMA AWARDS ! YOU DIDNT THINK I WOULD PASS UP GIVING HIM MY ICONIC WINGS DID YA ?!