Sir Tim Rice will receive the BMI Icon award.
The lyricist will be presented with the accolade at the BMI London Awards, which will be held at the Dorchester Hotel on October 13, 2014.
The famed songwriter is best known for his collaborations with the composer Sir Andrew Lloyd-Webber, with whom wrote the musicals, ‘Evita’ and ‘Joseph and the Amazing Technicolor Dreamcoat’.
He has also worked closely on several Disney films, including ‘The Lion King’, ‘Aladdin’ and ‘Beauty and the Beast’.
Upon hearing the news, Sir Tim dedicated his award to fellow music legends who have helped him along the way.
He said: "I owe it all to Tommy Steele, Lonnie Donegan, Billy Fury, Marty Wilde, Cliff Richard and Joe Brown."
BMI President and CEO, Michael O’Neill said: "Sir Tim Rice’s extraordinary creativity has given the world some of the most beloved songs of the past 50 years, sheer musical poetry that has thrilled audiences in films, musical theatre and on chart-topping recordings.
"He is one of our era’s most admired and respected lyricists, a leading author and sough-after commentator. We are immensely proud to honor him as a BMI Icon."
The 69-year-old lyricist has also received three Best Song Oscars for "A Whole New World" (with Alan Menken), "Can You Feel The Love Tonight" (with Elton John), and "You Must Love Me" (with Andrew Lloyd Webber).
Previous winners of the BMI Icon Award include, the Sex Pistols frontman John Lydon, the rock band Queen, Ray Davies, Van Morrison and the musician Bryan Ferry.
Sir Tim Rice honoured with BMI Icon Award
