Janet Jackson will be honoured with the icon award at the Billboard Music Awards.
The singer will also give her first performance on television in nine years, Dick Clark Productions said.
Ed Sheeran, Kendrick Lamar and Bruno Mars lead the way in the nominations for the ceremony on May 20, with each receiving 15 nods.
All three are up for best artist and will compete with Drake, who has nine nominations, and Taylor Swift, who has five.
British singer-songwriter Sheeran has also been nominated for top male artist, top touring artist and top Hot 100 artist.
He faces stiff competition for all of these awards from Mars, who won in all six of his categories at the Grammy Awards in January.
Previous recipients of the icon prize include Neil Diamond, Stevie Wonder, Prince, Jennifer Lopez, Celine Dion and Cher.
Jackson joins previously announced performers Camila Cabello, Ariana Grande, Dua Lipa, BTS and Shawn Mendes.
Kelly Clarkson will host the 2018 Billboard Music Awards at the MGM Grand Garden Arena in Las Vegas on May 20.