Prince will become the third recipient of the Icon Award at this year's Billboard Music Awards, joining Stevie Wonder and Neil Diamond.
Prince will be honoured with an Icon Award at the 2013 Billboard Music Awards.
The ceremony is seen as one of the most prestigious in the world behind the Grammys, and it will honour the 'Purple Rain' pop star at the MGM Grand Garden Arena in Las Vegas on 19 May.
Prince, 54, will mark the occasion with a rare live televised performance on the show, which will be produced by Don Mischer.
Before the 'Superstition' singer was presented, he was joined by Alicia Keys for a set featuring 'Higher Ground' and 'Overjoyed', and a stripped-down version of 'Empire State of Mind', Alicia's hit with Jay-Z.
At the time, he said: ''We live in a world with changes happening more rapidly. We won't see them ever again.
''That's a heartbreak. The blessing is we're able to feel the pain, which means we were able to feel some love from that person; feel the experiences the music gave us.''