"Dhakka makum" is a euphoric number, and features 79-year-old Bhosle dancing in the rain.
The Ganesh idol at Lalbaug, known as Lalbaugcha Raja, one of the tallest in Mumbai, enjoys the premier status among all idols during the 10-day Ganeshotsav, which started Wednesday.
"It is my pleasure and honour to be giving one of the songs from my film 'Mai' to be played on the occasion of Ganesh Chaturthi. I hope everyone enjoys the song just as much I did filming for it," said Bhosle.
The song, composed by Nithin R. Shankar, is sung by Amit Kumar and Bhosle's granddaughter Zanai, who makes her singing debut with the number.
Shankar, who has also co-produced the movie, said: "It is indeed a divine blessing that I could produce my first film featuring and debuting Asha tai as 'Mai', and the film also marks her granddaughter Zanai's singing debut."
"Asha tai has sung a lullaby so sweetly and melodiously that it is appealing to all, and reminds one of their childhood lullabies," he added.
"Mai" is a touching story of a present day mother-daughter relationship. Bhosle plays the mother, while Padmini Kolhapure is making her comeback to the big screen as the daughter.
Ram Kapoor has been cast to play Bhosle's son-in-law, and Navin Kaushik will play her son.
"Mai" is co-produced by Subhash Dawar of Alliance Entertainment and Shankar under his banner Rhythm Divine Entertainment Pvt. Ltd.
Directed by Mahesh Kodiyal, it will release Nov 23.