The 52-year old (52?!) 'Kiss' singer Prince will be acknowledged at the ceremony's 10th anniversary held in Los Angeles later this month.
The award has been given to James Brown, Whitney Houston and Diana Ross previously.
President of programming, Stephen G. Hill said of the singer: "Prince is dynamic. Prince is genius. Prince is music."
The show, which will take place on 27 June, will be presented by singer and actress Queen Latifah and will also include a performance from hip-hop rapper Kanye West.
Throughout his career Prince has become known for changing his name. In the past he has asked to be called The Artist Formerly Known As Prince (TAFKAP), The Artist, a symbol, His Royal Badness and The Purple One.