McCartney, 63, was reported to have snubbed the honour because it suggested he was at the end of his career.
But the 47-year-old, who started his musical life as The Jam frontman in 1977, is pleased organisers considered him, insisting he has no worries about his age.
Weller says, "I've never been offered it before, so I've probably got old enough to receive it.
"Apparently, it was between me and Macca.
"I thought Macca should have it, but Macca wasn't a**ed so it fell to me."