The soul music legend will be the second person to receive the trophy, presented at the Billboard Music Awards ceremony in Los Angeles on May 20.
Neil Diamond was the first person to receive the trophy in 2011.
Stevie remains a popular force in modern pop music, recently appearing on Pixie Lott's second album 'Young Foolish Happy'. Meanwhile, Alexandra Burke said she'd love to ask him for tips on soul music, and singer and songwriter Emeli Sande would love to write a song with him.
She said: ''There are so many people I want to work with. I would love to write for someone legendary like Stevie Wonder.''