Madonna will receive Billboard's top touring artist award for the global success of her MDNA tour.
The Queen of Pop has cemented her position as one of music's top players following her sold-out 88-date run, which was the top-grossing tour of 2012, according to Billboard.
The songstress will accept her trophy at the Billboard Music Awards on May 19.
Prince, who will also perform on the night, is set to be honoured with the Billboard Icon Award.
Nicki Minaj and her mentor Lil Wayne are to join forces for a performance, while Taylor Swift, Justin Bieber, Bruno Mars, Christina Aguilera and Selena Gomez are also taking to the stage.
Chris Brown, Jennifer Lopez, Ed Sheeran, David Guetta, Akon, Ne-Yo and Icona Pop will also be playing at the star-studded US event.
Taylor, Maroon 5 and fun. lead the nominations with nods in 11 categories, with Taylor, Justin, Maroon 5, Rihanna and One Direction competing for the top artist award.
Comedian Tracy Morgan will host the awards, which will air live from the MGM Grand Garden Arena on ABC in the US.