Target is hoping to one-up itself at the Grammys next week.

Last year, it created a splash during the awards show with a live music performance by Imagine Dragons that doubled as a commercial for Target, replete with a circular red bull’s-eye stage. This year, it’s aiming to go even further by teaming with singer Gwen Stefani for what it calls “the first music video ever created on live television.”

The four-minute live commercial/music video will include multiple sets and costume changes — and Target promises there will be guest appearances and other surprises. It will be performed Monday at a soundstage in Los Angeles while the Grammy Awards event happens across town at the Staples Center.

“It’s very theatrical in both a true Gwen way, but you will also know that it’s Target,” Lee Henderson, a Target spokesman, said Wednesday.

The Minneapolis-based retailer, which thrives on creating buzzworthy moments, was keeping a lid on other details to build up the suspense.

The company wouldn’t say how much it was spending on the ad. But last year, Billboard estimated that Target spent $8 million for its four-minute Grammy commercial with Imagine Dragons.

During the commercial, Target will also be releasing extra behind-the-scenes content on social media platforms such as Periscope, Facebook Live and Snapchat.

For Target, which sits out the advertising bonanza of the Super Bowl, the Grammys is one of the biggest TV moments of the year.

In previous years, it’s run several 30-second spots during the show to promote various exclusive partnerships with Shakira, Justin Timberlake and others.

Target’s four-minute commercial will become the video for Stefani’s new song “Make Me Like You,” which will be released on Friday.

It is one of the tracks on her upcoming album, “This is What the Truth Feels Like,” which will be released March 18.

Target will exclusively sell a deluxe version of the album that contains four bonus songs.