The Friends star shared a short clip on Instagram of the trio performing the iconic track alongside Brandi Carlile.
“Lisa Kudrow, this one’s for you,” Sheeran said before the group burst into song.
Their song choice was a reference to the Friends’ episode, The One with the Princess Leia Fantasy, in which Kudrow’s character Phoebe Buffay mistakenly recites the lyrics to John’s massive hit.
In the episode, Pheobe says the most romantic song is “the one that Elton John wrote for that guy on Who’s the Boss?”
When Rachel Green (Jennifer Aniston) asks Pheobe “which one was that,” she responds: “Hold me close, young Tony Danza.”
To pay tribute to the scene, the group jokingly misquote the verses, which actually go: “Hold me closer, tiny dancer.”
“One of the greatest moments of my life. This one’s for you @lisakudrow. #phoebe #tonydanza #tinydancer @eltonjohn @teddysphotos @brandicarlile,” Ms Cox captioned the footage.
In response, Kudrow posted her reaction on Instagram.
“OK, Ed Sheeran, Courteney Cox, Brandi Carlile and Elton John, that was the most thrilling thing ever. It was so good,” she said.
“Technically it’s ‘Hold me close, Young Tony Danza,’ but what you did was great too. And, including the original song that you wrote, Sir Elton, that was really good too.”
The video comes one week after Cox and Sheeran teamed up in a playful Instagram video as they performed the infamous choreographed dance from the sixth season episode The One With The Routine.
In the video posted to Instagram, the duo recreated the famous dance routine originally performed by Cox and David Schwimmer’s brother and sister characters, Ross and Monica Gellar.
In a post to his Instagram page, the singer commented: “Obviously better than Ross.”
Last week, The Friends cast reunited to mark the 25th anniversary of the show in the HBO special Friends: The Reunion.
The cast discussed their memories of the show, revisited some of the biggest on-screen moments, and went over the series’ enduring effect on pop culture.